By Mr. Rodrigues of Westport (by request), petition (accompanied by bill, House, No. 3099) of Jim Klocke for legislation to extend net operating loss carry forward provisions in the law relative to the taxation of corporations.  Revenue.

The Commonwealth of Massachusetts

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PETITION OF:

Jim Klocke

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In the Year Two Thousand and Seven.

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An Act to extend the net operating loss carry forward provision.

    Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

SECTION 1. .  In the last sentence of subsection 5, section 30 of chapter 63 of the General Laws, the word “five” is hereby deleted and the word “twenty” is inserted in place thereof.  The amended sentence should read as follows: “Losses sustained in any taxable year may be carried forward for not more than twenty years and may not be carried back.”

SECTION 2.  Notwithstanding any general or special law to the contrary,

the net operating loss carry-forward allowance established in subsection 5, section 30 of chapter 63 of the General Laws and amended herein, shall be applicable to any company subject to Massachusetts corporate excise taxation.

SECTION 3. The provisions of this act shall take effect on January 1, 2008, or on the day after publication, whichever is later.