REJECTED
CLERK 1
RELATIVE TO THE ECONOMIC DEVELOPMENT OF NEIGHBORING STATES
Mr. Tisei moves to amend the bill (Senate No. 2675) by striking out the title and inserting in place thereof the following title:- “An act to promote economic stimulus in New Hampshire, Rhode Island and other States in the Union.”.
REJECTED
CLERK 2
REPEAL OF MOTION PICTURE SPECIAL INTEREST TAX LOOPHOLES
Mr. Tisei moves to amend the bill (Senate No. 2675) by inserting at the end thereof the following section: -
“SECTION . Chapter 63 of the acts of 2007 is hereby repealed.”
And further moves to amend the bill by inserting at the end thereof the following section:-
“SECTION . Section 158 of the acts of 2005 is hereby repealed.”
ADOPTED
Redraft CLERK 3
MEALS TAX
Mr. Rosenberg, Mr. O’Leary, Ms. Creem and Ms. Tucker move to redraft the amendment by striking out all after the word “section” in line one and inserting in place thereof the following: -
“SECTION___. There is hereby established a special municipal relief commission to investigate and study the feasibility of innovative local revenue generating measures in an effort to provide revenue relief to municipalities. Said study shall include, but not be limited to, the expansion of the meals tax and the extension of the rooms tax to other transient accommodations not currently covered under the present rooms tax. Said commission shall consist of the senate and house chairs of the joint committee on municipalities and regional government, the senate and house chairs of ways and means, the senate and house chairs of the joint committee on revenue, the minority leader of the senate or his designee, the minority leader of the house of representatives or his designee, 3 members to be appointed by the president of the senate, 3 members to be appointed by the speaker of the house of representatives, 2 members to be appointed by the governor, one of whom shall be the chair of the commission, the president of the Massachusetts municipal association, the commissioner of the department of revenue, and a member of the Massachusetts treasurer’s and collector’s association. The commission shall report its findings to the joint committee on revenue, the joint committee on municipalities and regional government, and the senate and house committee on ways and means not later than December 1, 2008”.
CLERK 4
WITHDRAWN
CLERK 5
WITHDRAWN
REJECTED
CLERK 6
Sting Tax
Mr. Joyce moves to amend the bill (S. 2675) by striking out paragraphs (2) and (3) and sections 53, 54, 55 and 56 in their entirety and by inserting in place thereof the following new section: -
SECTION___ Chapter 63 of the General Laws is hereby amended by striking out section 32D and inserting in place thereof the following section:
Section 32D. (a) A business corporation subject to an excise under section 32 or 39 which is an S corporation or a qualified subchapter S subsidiary, as defined under section 1361 of the Code, as amended and in effect for the taxable year, shall determine the net income measure of the excise as follows:
The net income shall be determined by taking into account sub-chapter S of said Code. Income or loss shall be determined as if it were realized or incurred directly by an owner subject to taxation under chapter 62 or 63, as applicable. In the case of an S corporation, income shall be included in the net income measure under this sub-section to the extent that the income is taxed to the S corporation for federal income tax purposes. In the case of a qualified subchapter S subsidiary, income shall be included in the net income measure under this subsection to the extent that the income would have been taxed to the subchapter S subsidiary for federal income tax purposes had it been treated as a separate corporation.
(b) For purposes of this section, in determining the net income of a qualified subchapter S subsidiary, its gross income shall be determined by computing its gross income as defined under the Code as if it had been taxed as a separate corporation for federal income tax purposes.
ADOPTED
Redraft CLERK 7
FUNDING HEALTH REFORM IN THE COMMONWEALTH
Senator Montigny moves to amend the bill by adding the following Section:
“SECTION XXX. Notwithstanding any general or special law to the contrary, all net increased revenue received pursuant to the amendment to section 6 of chapter 64C of the General Laws made by section 93 of this act shall be expended for the purposes of the adoption of health information technology and otherwise to fund the costs of the commonwealth care health insurance program under chapter 58 of the acts of 2006.
Redraft CLERK 8
WITHDRAWN
REJECTED: RC 208 [5 Yeas to 33 Nays]
CLERK 9
RELATIVE TO ESTABLISHING A PERMANENT SALES TAX HOLIDAY
Messrs. Tisei, Tarr, Knapik and Brown move to amend the bill (Senate No. 2675) by adding at the end thereof the following sections:-
“SECTION . Chapter 64H of the General Laws, as appearing in the 2004 Official Edition, is hereby amended by inserting after section 6 the following new section:-
Section 6A. The commissioner of revenue is hereby authorized and directed to annually designate, by July 15 of each calendar year, a two-day weekend in August during which no excise shall be imposed upon non-business sales at retail in the commonwealth of tangible personal property, as defined in section 1 of this chapter, but for the purposes of this section, tangible personal property shall not include telecommunications, gas, steam, electricity, motor vehicles, boats, meals, or any single item whose price is in excess of $2,500.
For the days designated by the commissioner pursuant to the provisions of this section, a vendor in the commonwealth shall not add to the sales price or collect from any non-business purchaser an excise upon sales at retail of tangible personal property, as defined in section 1 of this chapter. The commissioner of revenue shall not require any vendor to collect and pay excise upon sales at retail of tangible personal property purchased on said designated days. Any excise erroneously or improperly collected during the designated days shall be remitted to the department of revenue. This section shall not apply to the sale of telecommunications, tobacco products subject to the excise imposed by chapter 64C of the General Laws, gas, steam, electricity, motor vehicles, motorboats, meals, or any single item whose price is in excess of $2,500.
When choosing the designated days, the commissioner shall take into consideration the observance of any religious and secular days of observation occurring therein; provided further, that the commissioner shall designate such days so as to maximize the economic benefit to the commonwealth.
Reporting requirements imposed upon vendors of tangible personal property, by law or by regulation, including, but not limited to, the requirements for filing returns required by chapter 62C of the General Laws, shall remain in effect for sales for the days designated by the commissioner.
On or before December 31 of each year, the commissioner of revenue shall certify to the comptroller the amount of sales tax forgone, as well as new revenue raised from personal and corporate income taxes and other sources, because of this act. The commissioner shall issue a report, detailing by fund the amounts under general and special laws governing the distribution of revenues under this chapter which would have been deposited in each fund, without this act.
The commissioner of revenue shall issue instructions or forms, or promulgate rules or regulations, necessary for the implementation of this act.
SECTION . Notwithstanding any general or special law to the contrary, the commissioner of revenue shall issue instructions or forms, or promulgate rules or regulations, necessary for the implementation of this act.
REJECTED
CLERK 10
Gas and Electric Company Exemption
Mr. Morrissey moves to amend the bill, Senate 2675, in SECTION 52 by inserting in paragraph (c)(1) after the words “or 52A”, the first time it appears, the following words:- , except for an electric company or gas company described in section 52A(1)(a)(1).
REJECTED
CLERK 11
EXPANSION OF THE SINGLE SALES FACTOR
Mr. Tisei moves to amend the bill (Senate No. 2675) by inserting at the end thereof the following section:-
“SECTION 113. Chapter 63 of the General Laws, as appearing in the 2004 Official Edition, is hereby amended by deleting subsection (c) of section 38 and replacing it with the following new subsection:-
(c) If a corporation, other than a defense corporation as described in subsection (k), a manufacturing corporation as described in subsection (l), or a mutual fund service corporation to the extent of its mutual fund sales as described in subsection (m), has income from business activity which is taxable both within and without this commonwealth, its taxable net income, as determined under the provisions of subsection (a), shall be apportioned to this commonwealth by multiplying said taxable net income by one hundred percent of the sales factor.
SECTION 2. Section 38 of Chapter 63 of the General Laws, as so appearing, is hereby further amended by deleting subsections (d) and (e).
SECTION 3. Section 38 of Chapter 63, as so appearing, is hereby further amended by striking in subsection (f) all words after the phrase “Sales, other than the sales of tangible personal property, are in this commonwealth if:-“ and replacing it with the following:-
Sales, other than the sales of tangible personal property, are in this commonwealth if:-
1. the income-producing activity is performed in this commonwealth; or
2. if the income-producing activity is performed both in and outside this commonwealth, the sales are assigned to the commonwealth on a pro-rata basis to the extent the income-producing activity occurred in the commonwealth.
For the purposes of this subsection: (1) in the case of the licensing of intangible property, the income-producing activity shall be considered to be performed in the commonwealth to the extent that the intangible property is used in the commonwealth; (2) the corporation shall be considered to be taxable in the state of the purchaser if the tangible personal property is delivered or shipped to a purchaser in a foreign country; (3) sales of tangible personal property to the United States government or any agency or instrumentality thereof for purposes of resale to a foreign government or any agency or instrumentality thereof are not sales made in the commonwealth; (4) in the case of the sale, exchange or other disposition of a capital asset, as defined in paragraph (m) of section 1 of chapter 62, used in a taxpayer's trade or business, including a deemed sale or exchange of such asset, "sales'' are measured by the gain from the transaction; and (5) "security'' means any interest or instrument commonly treated as a security as well as other instruments which are customarily sold in the open market or on a recognized exchange, including, but not limited to, transferable shares of a beneficial interest in any corporation or other entity, bonds, debentures, notes, and other evidences of indebtedness, accounts receivable and notes receivable, cash and cash equivalents including foreign currencies, and repurchase and futures contracts.
Notwithstanding the foregoing, mutual fund sales by a mutual fund service corporation as defined in subsection (m), other than the sale of tangible personal property, shall be assigned to this commonwealth to the extent that shareholders of the regulated investment company are domiciled in this commonwealth as follows:
(a) by multiplying the mutual fund service corporation's total dollar amount of sales of such services on behalf of each regulated investment company by a fraction, the numerator of which shall be the average of the number of shares owned by the regulated investment company's shareholders domiciled in this commonwealth at the beginning of and at the end of the regulated investment company's taxable year that ends with or within the mutual fund service corporation's taxable year, and the denominator of which shall be the average of the number of shares owned by the regulated investment company shareholders everywhere at the beginning of and at the end of the regulated investment company's taxable year that ends with or within the mutual fund service corporation's taxable year.
(b) A separate computation shall be made to determine the sale for each regulated investment company, the sum of which shall equal the total sales assigned to the commonwealth.
The commissioner shall promulgate regulations to implement this paragraph.”
REJECTED
CLERK 12
FAS 109 AMENDMENT
Mr. Buoniconti moves to amend the bill (Senate, No. 2675) in section 52 by inserting after subsection (g) the following subsection:-
(h) Adjustments for Changes in Net Deferred Tax Liabilities or Assets
(i) If book-tax differences for the fiscal period ending during the year of enactment of this section result in an increase to a net deferred tax liability or decrease to a net deferred tax asset for any taxpayer affected by this section, taxpayer shall be entitled to a deduction, subject to paragraph (ii) of this subsection (h), equal to one-fifth of the book-tax differences creating the increase in the net deferred tax liability or decrease in the net deferred tax asset of the taxpayer in each of the five years beginning with the 2015 taxable year of such taxpayer. If this deduction results in a net operating loss in any tax year, the unused deduction may be carried forward indefinitely by the combined group and deducted without regard to any limitation.
(ii) The deduction under paragraph (i) of this subsection (h) shall not exceed the amount necessary to offset the increase in the net deferred tax liability or the decrease in the net deferred asset of the taxpayer as computed in accordance with generally accepted accounting principles that would otherwise result from the imposition of the excise tax under this section 32B for any taxpayer affected under this section, if the deduction provided under this subsection (h) were not allowed. This deduction shall be applied to affiliates at the taxpayer’s election.
REJECTED: RC 209 [7 Yeas to 31 Nays]
CLERK 13
Financial Institutions
Senator Buoniconti moves to amend the bill (Senate, No. 2675) by striking the word “that” in lines 531 and 546 of Section 52 and inserting in place thereof the words “a majority of which.”
REJECTED
Redraft CLERK 14
Financial Institutions
Senator Hart moves to amend Senate No. 2675 by amending SECTION 34 as follows:
SECTION 34: Said Section 2A(c) of said chapter 63 is hereby further amended as follows:
(c) Notwithstanding the provisions of subsection (b), any financial institution with income from business activity which is taxable both within and without this commonwealth may elect to apportion its net income to this commonwealth by multiplying its net income by the receipts factor as determined under subsection (e). Any election made pursuant to this subsection shall be made on or before the due date, including any extension of time, for the filing of the return required under this chapter and chapter sixty-two C. Such election shall be made on an annual basis and shall be effective with respect to the current taxable year only and shall not be binding with respect to future taxable years.
SECTION 34: Said Section 2A(c), (d), (e), (f), and (g) of said chapter 63 shall be reordered as Section 2A (d), (e), (f), (g), and (h).
SECTION 34: Said Section 2A(h) shall be amended to read “If the provisions of subsections (a) to (g)…” in order to account for the reordering of the lettering in Section 2A.
REJECTED
CLERK 15
Manufacturing Subgroup
Mr. Hart moves to amend the bill (S 2675) by inserting after section 59 the following new section:--
SECTION 59A Subsection (l) of section 38 of said chapter 63, as so appearing, is hereby amended by adding at the end the following paragraph:
(4) The members of a manufacturing subgroup, as defined in the next sentence, may jointly elect to be treated as a manufacturing corporation for purposes of this subsection, notwithstanding that any 1 or more of them individually is not a manufacturing corporation, as defined in paragraph (1). As used in this paragraph, a “manufacturing subgroup” shall mean any 1 or more business corporations that are required to calculate their income from a unitary business based upon a combined report under section 32B, and that participate in an election under the preceding sentence, if such business corporations, considered together as a single corporation, would constitute a manufacturing corporation. No business corporation may elect to be treated as a member of more than 1 manufacturing subgroup.
REJECTED
CLERK 16
Cigarette Tax
Mr. Baddour and Ms. Tucker moves to amend the bill (Senate No. 2675), in SECTION 93, by striking out the section in its entirety.
CLERK 17
WITHDRAWN
REJECTED
CLERK 18
Water and Sewer Exemption
Mr. Hedlund moves to amend the bill (S. 2675) by inserting at the end the following additional section:-
“SECTION 109: Notwithstanding the provisions of this act, no corporation or other legal entity that provides any city or town of the commonwealth with services providing for direct water or sewage access within said municipality shall be subject to the provisions of this act and subject to taxation on a unitary basis."
ADOPTED
CLERK 19
RELATIVE TO TAX REVENUE BENCHMARK REVISIONS
Messrs. Tisei, Tarr, Knapik, Hedlund and Brown move to amend the bill (Senate No. 2675) by inserting at the end thereof the following new Section: -
“SECTION . Section 5B of Chapter 29 of the General Laws, as appearing in the 2004 Official Edition, is hereby amended by inserting at the end of the sixth paragraph the following:-
“Any revision of the revenue estimate made by the departments shall be published and made available to the general public in a conspicuous manner on the department’s official internet website within 3 days of submission of said estimates to the governor.”
ADOPTED
CLERK 20
RELATIVE TO THE STREAMLINE SALES AND USE TAX AGREEMENT
Messrs. Moore, Rosenberg, Marzilli and Ms. Jehlen move to amend the bill (S. 2675) by adding the following new section:-
SECTION _____. Notwithstanding any rule, law or regulation to the contrary, the department of revenue is hereby authorized and directed to prepare a feasibility study, together with a draft of legislation amending chapters 64H and 64I of the general laws, and such other changes in general law as may be necessary to bring Massachusetts into full compliance with the streamlined sales and use tax agreement, so-called, in furtherance of the provisions of section 82 of chapter 4 of the acts of 2003. The department shall file its report, together with any recommendations for legislation, with the joint committee on revenue and the House and Senate committees on Ways and Means not later than December 1, 2008.
CLERK 21
WITHDRAWN
CLERK 21.1
WITHDRAWN
REJECTED
CLERK 22
Corporate Headquarters
Mr. Buoniconti moves that the bill (Senate, No. 2675) be amended in Section 52 by adding, following subsection (g), the following new subsection:-
“(h) The Secretary of Housing and Economic development shall certify pursuant to the rules, regulations or guidelines promulgated, a Financial services institution to be exempt from combined reporting upon (i) The Financial Services institution agreeing to establish or maintain its United States corporate headquarters in the commonwealth: (ii) whether the Financial institution has sufficient business contacts with the Commonwealth as evidenced by its business activity within the commonwealth including, but not limited to, the number of full time employees employed in the commonwealth subject to payroll withholding taxes: (iii) whether the financial services institution has significant potential to expand related employment opportunities in the commonwealth: (iv) in the case of a banking corporation, the financial institution must at all times maintain a community reinvestment Act rating of “outstanding” and display evidence of the ability to further the housing and commercial needs of the commonwealth. The Secretary of Housing and Economic development with the approval of the governor, shall give written justification to the chairs of the House and Senate Committees on Ways and Means and to the clerk of the House and Senate no later than 10 days of granting the exemption. And provided further, that in no case shall the granting of said exemption cause said financial services institution to remit to the Commonwealth less than the nominal rate of 10.5% on earnings.”
CLERK 23
WITHDRAWN
REJECTED: RC 210 [8 Yeas to 30 Nays]
CLERK 24
FEDERAL CONSOLIDATED RETURN ELECTION
Mr. Baddour moves to amend the bill (Senate No. 2675), in SECTION 52, by striking paragraph (g) (iii).
REJECTED
CLERK 25
COMBINED GROUP AND APPORTIONMENT
Mr. Baddour moves to amend the bill (Senate, No. 2675), in Section 52, by striking paragraph (c)(3) (iv).
REJECTED
CLERK 26
FAIR AND PREDICTABLE TAX POLICY
Mr. Tisei moves to amend the bill (Senate No. 2675) by striking the text in its entirety and inserting in place there of the following:-
“SECTION 1. Chapter 63 of the general laws, as so appearing, is hereby repealed.
SECTION 2. The general laws as so appearing are hereby amended by inserting after chapter 62F the following chapter:-
“Chapter 63. Taxation of Corporations.
Section 1. Definitions.
Section 1. When used in sections one to two A, inclusive, and section thirty-eight B, the following words shall, unless the context otherwise requires, have the following meaning:
“Billing address”, the location indicated in the books and records of the taxpayer on the first day of the taxable year, or on such later date in the taxable year when the customer relationship began, as the address where any notice, statement or bill relating to a customer’s account is mailed.
“Borrower or credit card holder located in this commonwealth”, (a) a borrower, other than a credit card holder, that is engaged in a trade or business which maintains its commercial domicile in this commonwealth; or (b) a borrower that is not engaged in a trade or business or a credit card holder whose billing address is in this commonwealth.
“Code”, the Internal Revenue Code of the United States, as amended and in effect for the taxable year, unless otherwise provided.
“Commercial domicile”, (a) the headquarters of the trade or business, that is, the place from which the trade or business is principally managed and directed; or (b) if a taxpayer is organized under the laws of a foreign country, or of the Commonwealth of Puerto Rico, or any territory or possession of the United States, such taxpayer’s commercial domicile shall be deemed to be the state of the United States or the District of Columbia from which such taxpayer’s trade or business in the United States is principally managed and directed. It shall be presumed, subject to rebuttal, that the location from which the taxpayer’s trade or business is principally managed and directed is the state of the United States or the District of Columbia to which the greatest number of employees are regularly connected or out of which they are working, irrespective of where the services of such employees are performed, as of the last day of the taxable year.
“Compensation”, wages, salaries, commissions and any other form of remuneration paid to employees for personal services that are included in such employee’s gross income under the Internal Revenue Code. In the case of employees not subject to the Internal Revenue Code, such as those employed in foreign countries, the determination of whether such payments would constitute gross income to such employees under the Internal Revenue Code shall be made as though such employees were subject to the Internal Revenue Code.
“Credit card”, credit, travel or entertainment card.
“Credit card issuer’s reimbursement fee”, the fee a taxpayer receives from a merchant’s bank because one of the persons to whom the taxpayer has issued a credit card has charged merchandise or services to the credit card.
“Employee”, with respect to a particular taxpayer, any individual who, under the usual common-law rules applicable in determining the employer-employee relationship, has the status of an employee of that taxpayer.
“Engaged in business in the commonwealth”, (a) having a business location in the commonwealth; (b) having employees, representatives or independent contractors conducting business activities on its behalf in the commonwealth; (c) maintaining, renting or owning any tangible or real property in the commonwealth; (d) regularly performing services in the commonwealth; (e) regularly engaging in transactions with customers in the commonwealth that involve intangible property and result in income flowing to the taxpayer from residents of the commonwealth; (f) regularly receiving interest income from loans secured by tangible personal or real property located in the commonwealth; or (g) regularly soliciting and receiving deposits from customers in the commonwealth. With respect to the activities described in clauses (d) to (g), inclusive, activities shall be presumed, subject to rebuttal, to be conducted on a regular basis within the commonwealth, if any of such activities are conducted with one hundred or more residents of the commonwealth during any taxable year or if the taxpayer has ten million dollars or more of assets attributable to sources within the commonwealth, or has in excess of five hundred thousand dollars in receipts attributable to sources within the commonwealth.
“Federal consolidated return”, .
“Financial institution”, (a) any bank, banking association, trust company, federal or state savings and loan association, including all banks for cooperatives organized under the United States Farm Credit Act of 1933, whether of issue or not, existing by authority of the United States, or any state, or a foreign country, or any law of the commonwealth; (b) any other institution, association or entity, the deposits or accounts of which are insured under the Federal Deposit Insurance Act or by the Federal Deposit Insurance Corporation, any institution, association or entity, which is a member of a federal Home Loan Bank, excluding corporations described in section 1 of chapter 171, any other bank or thrift institution incorporated or organized under the laws of a state which is engaged in the business of receiving deposits, any corporation organized under the provisions of 12 USC 611-631 and 12 USC 3101; (c) any corporation subject to chapter 167A, or registered under the Federal Bank Holding Company Act of 1956, or registered as a savings and loan holding company under federal law, but excluding a diversified savings and loan holding company unless it satisfies the definition of a financial institution elsewhere herein, including any subsidiary which participates in the filing of a consolidated return of income to the federal government; (d) any corporation subject to supervision by the division of banks including but not limited to corporations described in section 24 of chapter 93, sections 96 to 104, inclusive, or section 114C of chapter 140; section 38 of chapter 167; section 5 of chapter 167B; chapter 169A; chapter 255B; chapter 255C; chapter 255D; and chapter 255E; or (e) any other corporation organized under the laws of the United States, the commonwealth or any other state or a foreign country which, in substantial competition with financial institutions as defined in any or all of clauses (a) to (d), inclusive, derives more than 50 per cent of its gross income, excluding nonrecurring, extraordinary items, from loan origination, from lending activities, including discounting obligations, or from credit card activities; but, corporations described in section 1 of chapter 171 shall be excluded from the definition of financial institution.
“Gross income”, gross income as defined under the provisions of the Internal Revenue Code, as amended and in effect for the taxable year, plus the interest from bonds, notes and evidences of indebtedness of any state, including this commonwealth.
“Gross rents”, the actual sum of money or other consideration payable for the use or possession of property. “Gross rents” shall include, but not be limited to:
(a) any amount payable for the use or possession of real property or tangible property whether designated as a fixed sum of money or as a percentage of receipts, profits or otherwise;
(b) any amount payable as additional rent or in lieu of rent, such as interest, taxes, insurance, repairs or any other amount required to be paid by the terms of a lease or other arrangement; and
(c) a proportionate part of the cost of any improvement to real property made by or on behalf of the taxpayer which reverts to the owner or lessor upon termination of a lease or other arrangement. The amount to be included in gross rents shall be the amount of amortization or depreciation allowed in computing the taxable income base for the taxable year; provided, however, where a building is erected on leased land by or on behalf of the taxpayer, the value of the land shall be determined by multiplying the gross rent by eight and the value of the building shall be determined in the same manner as if owned by the taxpayer.
(d) the following shall not be included in the term “gross rents”:
(i) reasonable amounts payable as separate charges for water, steam, and electric service furnished by the lessor;
(ii) reasonable amounts payable as service charges for janitorial services furnished by the lessor;
(iii) reasonable amounts payable for storage, provided such amounts are payable for space not designated and not under the control of the taxpayer; and
(iv) that portion of any rental payment which is applicable to the space subleased from the taxpayer and not used by it.
“Loan”, any extension of credit resulting from direct negotiations between the taxpayer and its customer, or the purchase, in whole or in part, of such extension of credit from another. Loans include participations, syndications and leases treated as loans for federal income tax purposes. Loans shall not include: properties treated as loans under section 595 of the Internal Revenue Code; futures or forward contracts; options; notional principal contracts such as swaps; credit card receivables, including purchased credit card relationships; non-interest bearing balances due from depository institutions; cash items in the process of collection; federal funds sold; securities purchased under agreement to resell; assets held in a trading account; securities; interests in a REMIC as defined in section 860D of the Internal Revenue Code, or other mortgage-backed or asset-backed security; and other similar items.
“Loan secured by real property”, a loan in which fifty percent or more of the aggregate value of the collateral, when valued at fair market value as of the time the original loan was incurred, was real property.
“Merchant discount”, the fee or negotiated discount charged to a merchant by the taxpayer for the privilege of participating in a program whereby a credit card is accepted in payment for the merchandise or services sold to the card holder.
“Net income”, gross income, other than ninety-five percent of dividends received in any taxable year beginning on or after January first, nineteen hundred and ninety-nine from or on account of the ownership of any class of stock if the financial institution owns fifteen percent or more of the voting stock of the institution paying the dividend, less the deductions, but not the credits allowable under the provisions of the Internal Revenue Code, as amended and in effect for the taxable year. The term ‘dividends received’ shall be treated in the same manner as under the Code, as amended and in effect for the taxable year. The term “dividends received”, as it relates to distribution from a real estate investment trust, as provided in sections 856 to 859, inclusive, of the Code, shall be treated in the same manner as under the Code, as amended and in effect for the taxable year. For purposes of this section, any dividend received directly or indirectly from the real estate investment trust shall not be treated as a dividend. Any dividend received directly or indirectly from a regulated investment company, as provided in sections 851 to 855, inclusive, of the Code, shall not be included as part of the dividends received deduction otherwise available under this section. For taxable years beginning on or after January first, nineteen hundred and ninety-nine, the provisions of section two hundred and ninety-one of said Code shall not apply; and the provisions of section one hundred and seventy-one (a)(2) and two hundred and sixty-five of said Code shall only apply to the extent that the income to which the deductions relate is excludable from gross income. Deductions with respect to the following items, however, shall not be allowed except as otherwise provided:
(a) dividends received, except as otherwise provided;
(b) losses sustained in other taxable years;
[Clauses (c) and (d) of the definition of “Net income” applicable to taxable years beginning on or after January 1, 2005. See 2004, 466, Sec. 5.]
(c) taxes on or measured by income, franchise taxes measured by net income, franchise taxes for the privilege of doing business and capital stock taxes imposed by a state;
(d) the deduction allowed by section 168(k) of the Code; or
[Clause (e) of the definition of “Net income” applicable to taxable years beginning on or after January 1, 2005. See 2004, 466, Sec. 5.]
(e) the deduction allowed by section 199 of the Code.
“Participation”, an extension of credit in which an undivided ownership interest is held on a pro rata basis in a single loan or pool of loans and related collateral. In a loan participation, the creditor originator initially makes the loan and then subsequently resells all or a portion of it to other lenders. The participation may or may not be known to the borrower.
“Person”, an individual, estate, trust, partnership, corporation and any other business entity.
“Principal base of operations”, with respect to transportation property means the place of more or less permanent nature from which said property is primarily directed or controlled. With respect to an employee, the “principal base of operations” means the place of more or less permanent nature from which the employee primarily (1) starts his work and to which he customarily returns in order to receive instructions from his employer or (2) (if (1) is not applicable) communicates with his customers or other persons, or (3) (if (1) and (2) are both not applicable) performs any other functions necessary to the exercise of his trade or profession.
“Real property owned” and “tangible personal property owned”, real and tangible personal property respectively, (1) on which the taxpayer may claim depreciation for federal income tax purposes, or (2) property to which the taxpayer holds legal title and on which no other person may claim depreciation for federal income tax purposes, or could claim depreciation if subject to federal income tax. Real and tangible personal property do not include coin, currency, or property acquired in lieu of or pursuant to a foreclosure.
“Regular place of business”, an office at which the taxpayer carries on its business in a regular and systematic manner and which is consistently maintained, occupied and used by employees of the taxpayer.
“State”, a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, any territory or possession of the United States; any foreign country; or a political subdivision of any of the foregoing.
“Syndication”, an extension of credit in which two or more persons fund and each person is at risk only up to a specified percentage of the total extension of credit or up to a specified dollar amount.
“Taxable”, (a) that a taxpayer is subject in another state to a net income tax, a franchise tax measured by net income, a franchise tax for the privilege of doing business, a corporate stock tax, including a bank shares tax, a single business tax, or an earned surplus tax, or any tax which is imposed upon or measured by net income; or (b) that another state has jurisdiction to subject the taxpayer to any of such taxes regardless of whether, in fact, the state does or does not.
“Taxable year”, any fiscal or calendar year or period for which the taxpayer is required to make a return to the federal government; or the period for which a return is made by the taxpayer, if a return is made (1) for a period less than twelve months, or (2) for a period for which no return to the federal government is required.
“Taxpayer”, a financial institution engaged in business in the commonwealth.
“Transportation property”, vehicles and vessels capable of moving under their own power, including, but not limited to, aircraft, trains, water vessels and motor vehicles, as well as any equipment or containers attached to such property, such as rolling stock, barges, trailers or the like.
Section 2. Rate of taxation.
Section 2. Notwithstanding any special or general law to the contrary the rate of taxation on the net income determined to be taxable for any entity engaged in business in the Commonwealth shall be five and three tenths per cent, or the rate of taxation for incomes as set forth under section four of chapter 62, whichever is the lesser.
Section 3. Determination of net income derived from business carried on within the commonwealth
Section 3. The commissioner shall determine the part of the net income of a domestic business corporation or of a foreign corporation derived from business carried on within the commonwealth as follows:
(a) Net income as defined in section thirty of this chapter adjusted as follows shall constitute taxable net income:
(1) Ninety-five per cent of dividends, exclusive of distributions in liquidation, included therein shall be deducted other than dividends from or on account of the ownership of:
(i) shares in a corporate trust, as defined in section one of chapter sixty-two, engaged in business in the commonwealth, or
(ii) deemed distributions and actual distributions, except actual distributions out of previously taxed income, from a DISC which is not a wholly owned DISC, or
(iii) any class of stock, if the corporation owns less than fifteen per cent of the voting stock of the corporation paying such dividend.
(2) Long-term capital gains realized and long-term capital losses sustained from the sale or exchange of intangible property affected under the provisions of the Federal Internal Revenue Code, as amended, and in effect for taxable years ended on or before December thirty-first, nineteen hundred and sixty-two, shall not be included in any part therein.
(b) If the corporation does not have income from business activity which is taxable in another state, the whole of its taxable net income, determined under the provisions of subsection (a), shall be allocated to this commonwealth. For purposes of this section, a corporation is taxable in another state if (1) in that state such corporation is subject to a net income tax, a franchise tax measured by net income, a franchise tax for the privilege of doing business, or a corporate stock tax, or (2) that state has jurisdiction to subject such corporation to a net income tax regardless of whether, in fact, the state does or does not. Notwithstanding any other provision of this section or of section 52A, the portion of the taxable net income of a corporation that a non-domiciliary state is prohibited from taxing under the Constitution of the United States shall be allocated in full to the commonwealth if the commercial domicile of the corporation is in the commonwealth.
(c) If a corporation, other than a defense corporation as described in subsection (k), a manufacturing corporation as described in subsection (l), or a mutual fund service corporation to the extent of its mutual fund sales as described in subsection (m), has income from business activity which is taxable both within and without this commonwealth, its taxable net income, as determined under the provisions of subsection (a), shall be apportioned to this commonwealth by multiplying said taxable net income by a fraction, the numerator of which is the property factor plus the payroll factor plus twice times the sales factor, and the denominator of which is four.
(d) The property factor is a fraction, the numerator of which is the average value of the corporation’s real and tangible personal property owned or rented and used in this commonwealth during the taxable year and the denominator of which is the average value of all the corporation’s real and tangible personal property owned or rented and used during the taxable year. Property owned by the corporation shall be valued at its original cost. Property rented by the corporation shall be valued at eight times the net annual rental rate, provided such rate reflects the fair rental value of the property as of the date of the rental agreement. Net annual rental rate is the annual rental rate paid by the corporation less any annual rental rate received by the corporation from sub-rentals.
The average value of property shall be determined by averaging the values at the beginning and the end of the taxable year, but the commissioner may require the averaging of monthly values during the taxable year if reasonably required to reflect properly the average value of the corporation’s property. For the purpose of this subsection leaseholds and leasehold improvements, whether located within or without the commonwealth, shall be included within the meaning of real and tangible personal property.
(e) The payroll factor is a fraction, the numerator of which is the total amount paid in this commonwealth during the taxable year by the corporation for compensation, and the denominator of which is the total compensation paid everywhere during the taxable year.
The payroll factor for a manufacturing corporation or a business corporation engaged primarily in research and development, which has been deemed to be such under the provisions of section thirty-eight C or forty-two B, is a fraction the numerator of which is the lesser of the following amounts:—
(i) the total amount paid in this commonwealth by the corporation for compensation during the taxable year; or
(ii) the greater of (a) the total amount paid in this commonwealth by the corporation for compensation during the taxable year ended in the year nineteen hundred and seventy-two increased by five per cent per year for each taxable year subsequent to the taxable year ended in nineteen hundred and seventy-two; or (b)(1) in taxable years ending on or after December thirty-first, nineteen hundred and eighty-two and before December thirty-first, nineteen hundred and eighty-three, seventy-five per cent of the total amount paid in this commonwealth by the corporation for compensation,
(2) in taxable year ending on or after December thirty-first, nineteen hundred and eighty-three and before December thirty-first, nineteen hundred and eighty-four, eighty per cent of the total amount paid in this commonwealth by the corporation for compensation, (3) in taxable year ending on or after December thirty-first, nineteen hundred and eighty-four, and before December thirty-first, nineteen hundred and eighty-five, ninety per cent of the total amount paid in this commonwealth by the corporation for compensation, and (4) in taxable years ending on or after December thirty-first, nineteen hundred and eighty-five and thereafter, the total amount paid in this commonwealth by the corporation for compensation.
The denominator of the payroll factor for such corporation shall be adjusted for compensation paid in this commonwealth to include in total compensation paid everywhere only that amount for compensation paid in this commonwealth which is equal to the amount included in the numerator as determined under (i) and (ii) in this subsection.
Notwithstanding the provisions of this subsection, a corporation shall be eligible for the credit provided for in section thirty-one C. For the purposes of determination of the credit under section thirty-one C, the total amount of compensation paid in this commonwealth by the corporation for the taxable year shall be allowed.
As used in this subsection, “compensation” means wages, salaries, commissions, and any other form of remuneration paid to employees for personal services. Compensation is paid in this commonwealth if:
1. the employee’s service is performed entirely within this commonwealth; or
2. the employee’s service is performed both within and without this commonwealth, but the service performed without this commonwealth is incidental to the employee’s service within this commonwealth; or
3. some of the service is performed in this commonwealth and (i) the base of operations or, if there is no base of operations, the place from which the service is directed or controlled is in this commonwealth, or (ii) the base of operations or the place from which the service is directed or controlled is not in any state in which some part of the service is performed, but the employee’s residence is in this commonwealth.
[Subsection (f) applicable to taxable years beginning on or after January 1, 2005. See 2005, 163, Sec. 60.]
(f) The sales factor is a fraction, the numerator of which is the total sales of the corporation in this commonwealth during the taxable year, and the denominator of which is the total sales of the corporation everywhere during the taxable year. As used in this subsection, unless specifically stated otherwise, “sales” means all gross receipts of the corporation, including deemed receipts from transactions treated as sales or exchanges under the Code, except interest, dividends, and gross receipts from the maturity, redemption, sale, exchange or other disposition of securities, provided, however, that “sales” shall not include gross receipts from transactions or activities to the extent that a non-domiciliary state would be prohibited from taxing the income from such transactions or activities under the Constitution of the United States. Sales of tangible personal property are in this commonwealth if:—
1. the property is delivered or shipped to a purchaser within this commonwealth regardless of the f. o. b. point or other conditions of the sale; or
2. the corporation is not taxable in the state of the purchaser and the property was not sold by an agent or agencies chiefly situated at, connected with or sent out from premises for the transaction of business owned or rented by the corporation outside this commonwealth. “Purchaser”, as used in clauses 1 and 2 of this paragraph, shall include the United States government.
Sales, other than sales of tangible personal property, are in this commonwealth if:—
1. the income-producing activity is performed in this commonwealth; or
2. the income-producing activity is performed both in and outside this commonwealth and a greater proportion of this income-producing activity is performed in this commonwealth than in any other state, based on costs of performance.
For the purposes of this subsection: (1) in the case of the licensing of intangible property, the income-producing activity shall be considered to be performed in the commonwealth to the extent that the intangible property is used in the commonwealth; (2) the corporation shall be considered to be taxable in the state of the purchaser if the tangible personal property is delivered or shipped to a purchaser in a foreign country; (3) sales of tangible personal property to the United States government or any agency or instrumentality thereof for purposes of resale to a foreign government or any agency or instrumentality thereof are not sales made in the commonwealth; (4) in the case of the sale, exchange or other disposition of a capital asset, as defined in paragraph (m) of section 1 of chapter 62, used in a taxpayer’s trade or business, including a deemed sale or exchange of such asset, “sales” are measured by the gain from the transaction; and (5) “security” means any interest or instrument commonly treated as a security as well as other instruments which are customarily sold in the open market or on a recognized exchange, including, but not limited to, transferable shares of a beneficial interest in any corporation or other entity, bonds, debentures, notes, and other evidences of indebtedness, accounts receivable and notes receivable, cash and cash equivalents including foreign currencies, and repurchase and futures contracts.
Notwithstanding the foregoing, mutual fund sales by a mutual fund service corporation as defined in subsection (m), other than the sale of tangible personal property, shall be assigned to this commonwealth to the extent that shareholders of the regulated investment company are domiciled in this commonwealth as follows:
(a) by multiplying the mutual fund service corporation’s total dollar amount of sales of such services on behalf of each regulated investment company by a fraction, the numerator of which shall be the average of the number of shares owned by the regulated investment company’s shareholders domiciled in this commonwealth at the beginning of and at the end of the regulated investment company’s taxable year that ends with or within the mutual fund service corporation’s taxable year, and the denominator of which shall be the average of the number of shares owned by the regulated investment company shareholders everywhere at the beginning of and at the end of the regulated investment company’s taxable year that ends with or within the mutual fund service corporation’s taxable year.
(b) A separate computation shall be made to determine the sale for each regulated investment company, the sum of which shall equal the total sales assigned to the commonwealth.
The commissioner shall promulgate regulations to implement this paragraph.
(g) In a case where only two of the foregoing three factors are applicable, the taxable net income of the corporation shall be apportioned by a fraction, the numerator of which is the remaining two factors with their respective weights and the denominator of which is the number of times that such factors are used in the numerator. If only one of the three factors is applicable, the taxable net income of the corporation shall be apportioned solely by that factor. A factor shall not be deemed to be inapplicable merely because the numerator of the factor is zero. A factor shall not be applicable if the denominator of the factor is less than ten per cent of one third of the taxable net income or if it is otherwise determined to be insignificant in producing income.
(h) If a corporation maintains an office, warehouse or other place of business in a state other than this commonwealth for the purpose of reducing its tax under this chapter, the commissioner shall, in determining the amount of taxable net income apportionable to this commonwealth, adjust any factor to properly reflect the amount which the factor ought reasonably to assign to this commonwealth.
(i) In the case of consolidated returns of net income, the commissioner shall apportion the taxable net income, so far as practicable, in accordance with apportionment rules set forth in this section.
(j) If the apportionment provisions of this section are not reasonably adapted to approximate the net income derived from business carried on within this commonwealth by any type of industry group, the commissioner may, by regulation, adopt alternative apportionment provisions to be applied to such an industry group in lieu of the foregoing provisions.
(k) (1) As used in this section, the following words shall, unless the context otherwise requires, have the following meaning:
“Base period property level”, the average value of all the corporation’s real and tangible personal property, owned or rented, and used in this commonwealth, as computed under subsection (d), for the corporation’s taxable year immediately preceding its first taxable year beginning on or after January first, nineteen hundred and ninety-six, as adjusted to include only real and tangible personal property actively used by the corporation in the conduct of a trade or business on the first day of the immediately succeeding taxable year.
“Base period payroll level”, the total amount paid in this commonwealth for compensation, as computed under subsection (e), excluding amounts paid or attributable to the ten most highly compensated officers or employees, for the corporation’s taxable year immediately preceding its first taxable year beginning on or after January first, nineteen hundred and ninety-six, as adjusted to include only compensation paid during such taxable year to individuals who are actively employed by the corporation on the first day of the immediately succeeding taxable year.
“Defense corporation”, a domestic or foreign corporation which, during the sixty month period ending on December thirty-first, nineteen hundred and ninety-five, has derived more than fifty percent of its total gross receipts from the manufacture of tangible personal property for sale directly or, in the case of a subcontractor, indirectly, to the Department of Defense or any branch of the Armed Forces of the United States.
“Property level”, the average value of all the corporation’s real and tangible personal property owned or rented and used in this commonwealth for the corporation’s taxable year, as computed under subsection (d).
“Payroll level”, the total amount paid in this commonwealth for compensation for the corporation’s taxable year, as computed under subsection (e), excluding amounts paid or attributable to the ten most highly compensated officers or employees.
(2) For any taxable year beginning on or after January first, nineteen hundred and ninety-six but before January first, two thousand, a domestic or foreign defense corporation may, if required to apportion its taxable net income pursuant to subsection (l), elect to have such apportionment determined solely by use of the sales factor. A defense corporation must apportion its income pursuant to said subsection (l) if the denominator of the sales factor is less than ten percent of the taxable net income or it is otherwise determined to be insignificant in producing income. A defense corporation’s ability to apportion its taxable net income solely by use of the sales factor shall be reduced to the extent set forth in paragraph (3).
(3) If for any taxable year beginning on or after January first, nineteen hundred and ninety-six but before January first, two thousand, such corporation’s property level is less than ninety percent of the base period property level or its payroll level is less than ninety percent of the base period payroll level, the corporation shall instead be required to apportion its taxable net income for such taxable year to the commonwealth in accordance with subsection (l); provided, however, that any reduction in the property level or payroll level for any taxable year that is demonstrated to be attributable to a net reduction in business in this commonwealth under contracts with any branch of the Armed Forces of the United States or with any military or defense agency of a foreign government not resulting from transfers of contract work to facilities of the corporation in other states shall not be taken into account in determining whether the property or payroll level for such taxable year is less than ninety percent of the comparable base period level.
(4) The commissioner of revenue shall promulgate rules and regulations implementing the provisions of this subsection.
(5) For the purpose of determining compliance with the provisions of paragraphs (2), (3) and (4), each defense corporation with more than twenty-five employees, as part of its tax return for each taxable year, shall submit a report, whose form and substance shall be determined by the commissioner of revenue, that describes for each taxable year as of the last day of such taxable year the following: (i) the number, nature and wages of jobs added or lost in the commonwealth and worldwide from the previous taxable year; (ii) the number of contracts with the Armed Forces of the United States or a foreign government for which a bid was (a) submitted, (b) awarded or (c) lost during the taxable year; (iii) the number of contracts with the Armed Forces of the United States or with foreign governments that were terminated during the taxable year; (iv) the nature and amount of any change in the property factor during the taxable year; (v) the nature and amount of any change in the payroll factor in the taxable year; (vi) the dollar amount of revenue foregone by the adoption and utilization of the single sales factor pursuant to this section as compared to the apportionment method in effect for the first taxable year beginning on or after January first, nineteen hundred and ninety-five; (vii) volume of sales in the commonwealth and worldwide; (viii) taxable income in the commonwealth and worldwide; (ix) book value of plant, land and equipment in the commonwealth and worldwide; (x) net capital investments in the commonwealth and worldwide; (xi) net assets; (xii) capacity utilization; and (xiii) debts, itemized by the following categories: (a) loans; and (b) mortgages.
The commissioner of revenue shall annually prepare a comprehensive report utilizing the information received in this paragraph and other sources describing and evaluating the impact, if any, of the utilization of the single sales factor only upon the defense industry. Said report shall contain only cumulative information for all defense corporations submitting reports. Said report shall set forth for all defense corporations submitting reports the cumulative totals worldwide and, where applicable, in the commonwealth of the items specified in clauses (i) to (xiii) and the changes in such aggregate totals from the previous taxable year. The commissioner’s report shall be filed not later than October first of each year with the clerk of the senate and the clerk of the house of representatives who shall forward the same to their respective committees on ways and means and to the joint committee on taxation. Said report of the commissioner shall be a public record.
(l) (1) As used in this section, the following words shall, unless the context otherwise requires, have the following meaning:
“Manufacturing corporation”, a domestic or foreign corporation that is engaged in manufacturing. In order to be engaged in manufacturing, the corporation must be engaged, in substantial part, in transforming raw or finished physical materials by hand or machinery, and through human skill and knowledge, into a new product possessing a new name, nature and adapted to a new use. Any operation manufacturing, in substantial part, value-added agricultural products shall be considered a manufacturing corporation.
A domestic or foreign manufacturing corporation’s activities will be considered to be substantial if any one of the following five tests are met:
1. twenty-five percent or more of its gross receipts are derived from the sale of manufactured goods that it manufactures;
2. twenty-five percent or more of its payroll is paid to employees working in its manufacturing operations and fifteen percent or more of its gross receipts are derived from the sale of manufactured goods that it manufactures;
3. twenty-five percent or more of its tangible property is used in its manufacturing operations and fifteen percent or more of its gross receipts are derived from the sale of manufactured goods that it manufactures;
4. thirty-five percent or more of its tangible property is used in its manufacturing operations; or
5. the corporation’s manufacturing activities are deemed substantial under relevant regulations promulgated by the commissioner.
In determining whether a process constitutes manufacturing, the commissioner will examine the facts and circumstances of each case.
For the purposes of this section, a corporation which apportions its income pursuant to subsection (k) is not a manufacturing corporation.
“Value-added agricultural products” shall be defined as any products of “farming” or “agriculture”, as defined in section 1A of chapter 128, which have increased in market value due to some process other than packaging. Value-added agricultural products shall include, but not be limited to, the following: cheese, butter, buttermilk, yogurt, cream, ice cream, fruit preserves, fruit juices, fruit sauces, fruit syrups, dried fruit, seeded fruits, peeled or chopped fruit and vegetables, processed fruit and vegetables, salads, maple syrup, maple candy, honey and all apicultural products, horticulture nursery and greenhouse products, topiary plants, bacon, sausage, lard, dried or smoked meat, and wool as well as fish, seafood, and other aquatic products.
(2) If a manufacturing corporation, as defined in paragraph (1), has income from business activity which is taxable both within and without this commonwealth, its taxable net income, determined under the provisions of subsection (a), shall not be apportioned pursuant to the percentage that results from the three-factor formula set forth in subsection (c) but, instead, shall be apportioned by multiplying its taxable net income, determined under the provisions of subsection (a), by the resulting percentage as determined in the following formulas:
(i) For taxable years beginning on or after January first, nineteen hundred and ninety-six but before January first, nineteen hundred and ninety-seven, twenty percent of the property factor plus twenty percent of the payroll factor plus sixty percent of the sales factor.
(ii) For taxable years beginning on or after January first, nineteen hundred and ninety-seven but before January first, nineteen hundred and ninety-eight, fifteen percent of the property factor plus fifteen percent of the payroll factor plus seventy percent of the sales factor.
(iii) For taxable years beginning on or after January first, nineteen hundred and ninety-eight but before January first, nineteen hundred and ninety-nine, ten percent of the property factor plus ten percent of the payroll factor plus eighty percent of the sales factor.
(iv) For taxable years beginning on or after January first, nineteen hundred and ninety-nine but before January first, two thousand, five percent of the property factor plus five percent of the payroll factor plus ninety percent of the sales factor.
(v) For taxable years beginning on or after January first, two thousand, one hundred percent of the sales factor.
(3) Each manufacturing corporation with more than twenty-five employees, apportioning its income in accordance with the provisions of this subsection, as part of its tax return for each year, shall submit a report, whose form and substance shall be determined by the commissioner of revenue, that describes for each taxable year as of the last day of such taxable year the following: (i) the number, nature and wages of jobs added or lost in the commonwealth and worldwide from the previous taxable year; (ii) the nature and amount of any change in the property factor during the taxable year; (iii) the nature and amount of any change in the payroll factor in the taxable year; (iv) the dollar amount of revenue foregone by the increased weighting of the sales factor pursuant to this section as compared to the apportionment method in effect for the first taxable year beginning on or after January first, nineteen hundred and ninety-five; (v) volume of sales in the commonwealth and worldwide; (vi) taxable income in the commonwealth and worldwide; (vii) book value of plant, land and equipment in the commonwealth and worldwide; (viii) net capital investment in the commonwealth and worldwide; (ix) net assets; (x) capacity utilization; and (xi) debts, itemized by the following categories: (a) loans; and (b) mortgages.
The commissioner of revenue shall annually prepare a comprehensive report utilizing the information received in this paragraph and other sources describing and evaluating the impact, if any, of the utilization of the increased weighting of the sales factor upon the manufacturing industry. Said report shall contain only cumulative information for all manufacturing corporations submitting reports. Said report shall set forth for all manufacturing corporations submitting reports the cumulative totals worldwide and, where applicable, in the commonwealth of the items specified in clauses (i) to (xi) and the changes in such aggregate totals from the previous taxable year. The commissioner’s report shall be filed not later than October first of each year with the clerk of the senate and the clerk of the house of representatives who shall forward the same to their respective committees on ways and means and to the joint committee on taxation. Said report of the commissioner shall be a public record subject to the provisions of section ten of chapter sixty-six.
(m) (1) As used in this subsection and in subsections (c) and (f), the following words shall, unless the context otherwise requires, have the following meaning:
“Administration services”, include, but are not limited to, clerical, fund or shareholder accounting, participant record keeping, transfer agency, bookkeeping, data processing, custodial, internal auditing, legal and tax services performed for a regulated investment company, but only if the provider of such service or services during the taxable year in which such service or services are provided also provides or is affiliated with a person that provides management or distribution services to any regulated investment company.
“Affiliate”, the meaning as set forth in 15 USC section a-2(a)(3)(C), as may be amended from time to time.
“Base period employment level”, the number of qualified employees in this commonwealth of a mutual fund service corporation as of January first, nineteen hundred and ninety-six, or if the mutual fund service corporation is one of the mutual fund service corporations filing a combined return for the tax year ending as of December thirty-first, nineteen hundred and ninety-six, the aggregate number of all qualified employees as of January first, nineteen hundred and ninety-six of all of the mutual fund service corporations participating in such combined return. If a mutual fund service corporation was not engaged in business in the commonwealth on January first, nineteen hundred and ninety-six, the base period employment level shall be the average employment level for the first two taxable years during which it is engaged in business in the commonwealth. In the event of the acquisition of a business or line of business or any other corporate restructuring that increases the number of qualified employees of the mutual fund service corporation, the base period employment level to be applied in the taxable year in which the acquisition or restructuring occurs and in all subsequent taxable years shall be increased to reflect such an increase. In the event of a divestiture of a line of business or other corporate restructuring that decreases the number of qualified employees of the mutual fund service corporation, the base period employment level to be applied in the taxable year in which such divestiture or other corporate restructuring occurs and in all subsequent taxable years shall be recalculated to reflect such decrease only if the mutual fund service corporation can demonstrate that such divestiture or other corporate restructuring will not result in any reduction in the number of jobs in the commonwealth.
“Distribution services”, include, but are not limited to, the services of advertising, servicing, marketing or selling shares of a regulated investment company, but, in the case of advertising, servicing or marketing shares, only where such service is performed by a person who is, or in the case of a close end company, was, either engaged in the services of selling regulated investment company shares or affiliated with a person that is engaged in the service of selling regulated investment company shares. In the case of an open end company, such service of selling shares must be performed pursuant to a contract entered into pursuant to 15 USC section a-15(b), as from time to time amended.
“Domicile”, presumptively the shareholder’s mailing address on the records of the regulated investment company. If, however, the regulated investment company or the mutual fund service corporation has actual knowledge that the shareholder’s primary residence or principal place of business is different than the shareholder’s mailing address said presumption shall not control. If the shareholder of record is a company which holds the shares of the regulated investment company as depositor for the benefit of a separate account, then the shareholder shall be the contract owners or policyholders of the contracts or policies supported by the separate account, and it shall be presumed that the domicile of said shareholder is the contract owner’s or policyholder’s mailing address to the extent that the company maintains such mailing addresses in the regular course of business. If the regulated investment company or the mutual fund service corporation has actual knowledge that the shareholder’s principal place of business is different than the shareholder’s mailing address said presumption shall not control.
“Employment level”, the number of qualified employees of the mutual fund service corporation in the taxable year, or if the mutual fund service corporation is one of the mutual fund service corporations filing a combined return for such taxable year, the sum of the number of qualified employees of all such mutual fund service corporations in this commonwealth for the taxable year.
“Jobs commitment level”, except as provided in subparagraph (b) of paragraph (4), for taxable years beginning on or after January first, nineteen hundred and ninety-seven, but before January first, nineteen hundred and ninety-eight, an employment level of one hundred and five percent of the base period employment level; for taxable years beginning on or after January first, nineteen hundred and ninety-eight, but before January first, nineteen hundred and ninety-nine, an employment level of one hundred and ten percent of the base period employment level; for taxable years beginning on or after January first, nineteen hundred and ninety-nine, but before January first, two thousand, an employment level of one hundred and fifteen percent of the base period employment level; for taxable years beginning on or after January first, two thousand, but before January first, two thousand and one, an employment level of one hundred and twenty percent of the base period employment level; for taxable years beginning on or after January first, two thousand and one, but before January first, two thousand and two, an employment level of one hundred and twenty-five percent of the base period employment level; for taxable years beginning on or after January first, two thousand and two, but before January first, two thousand and three, an employment level of one hundred and twenty-five percent of the base period employment level. If a mutual fund service corporation was not engaged in business in the commonwealth on January first, nineteen hundred and ninety-six, for all taxable years beginning before January first, two thousand and three, the jobs commitment level shall be the base period employment level increased by five percent of the base period employment level for every year after which the base period employment level is established.
“Management services”, include, but are not necessarily limited to, the rendering of investment advice directly or indirectly to a regulated investment company, making determinations as to when sales and purchases of securities are to be made on behalf of the regulated investment company, or the selling or purchasing of securities constituting assets of a regulated investment company, and related activities, but only where such activity or activities are performed: (i) pursuant to a contract with the regulated investment company entered into pursuant to 15 USC section a-15(a), as from time to time amended; (ii) for a person that has entered into such contract with the regulated investment company; or (iii) for a person that is affiliated with a person that has entered into such contract with a regulated investment company.
“Mutual fund sales”, taxable net income derived within the taxable year directly or indirectly from the rendering of management, distribution or administration services to a regulated investment company, including net income received directly or indirectly from trustees, sponsors and participants of employee benefit plans which have accounts in a regulated investment company.
“Mutual fund service corporation”, any corporation doing business in the commonwealth which derives more than fifty percent of its gross income from the provision directly or indirectly of management, distribution or administration services to or on behalf of a regulated investment company and from trustees, sponsors and participants of employee benefit plans which have accounts in a regulated investment company.
“Number of qualified employees”, the number of qualified employees who are employed by a mutual fund service corporation in the commonwealth as of the last day of a given taxable year.
“Number of qualified employees worldwide”, the total number of qualified employees worldwide who were employed by the mutual fund service corporation on a specified date.
“Qualified employee in this commonwealth”, an individual who: (i) is employed by a mutual fund service corporation; (ii) works on a full-time basis with a normal work week of thirty or more hours; (iii) at the inception of the employment relationship does not have a termination date which is either a date certain or determined with reference to the completion of some specified scope of work; (iv) is eligible to receive employee benefits including, but not limited to, paid holidays, vacation and unemployment benefits; and (v) is subject to Massachusetts income tax withholding. Three or fewer individuals who collectively fulfill the requirement of clause (ii) and who each meet the requirements of clauses (i), (iii), (iv) and (v) shall be counted as one qualified employee for purposes of this section.
“Qualified employee worldwide”, an individual who meets the criteria in subsections (i) to (iv), inclusive, of the definition of “Qualified employee in this commonwealth.” Three or fewer individuals who collectively fulfill the requirement of clause (ii) of said definition of “Qualified employee in this commonwealth” and who each meet the requirements of clauses (i), (iii) and (iv) of said definition of “Qualified employee in this commonwealth” shall be counted as one qualified employee for purposes of this section.
“Regulated investment company”, the meaning as set forth in section 851 of the Internal Revenue Code as amended and in effect for the taxable year.
(2) Notwithstanding any other provision of the General Laws, any mutual fund service corporation having income from mutual fund sales to one or more regulated investment companies with shareholders domiciled within and without this commonwealth shall apportion such income pursuant to the provisions of subsection (c). Furthermore, any such mutual fund service corporation whose employment level in the current taxable year is equal to or greater than its jobs commitment level for such taxable year and who satisfies the requirements of paragraphs (3) and (4), or any such mutual fund service corporation for which the jobs commitment level requirement no longer applies shall apportion such income by multiplying it by one hundred percent of the sales factor, subject to the provisions of clause (i). The provisions of paragraph (2) of subsection (m) shall take effect as of July first, nineteen hundred and ninety-seven. For taxable years beginning on or after January first, nineteen hundred and ninety-seven and including July first, nineteen hundred and ninety-seven, a mutual fund service corporation shall apportion its taxable income to this commonwealth for such taxable year by multiplying taxable net income by the percentage calculated by weighting the apportionment percentage determined under subsection (c), as in effect before July first, nineteen hundred and ninety-seven, by the number of days in such taxable year preceding July first, nineteen hundred and ninety-seven and by weighting the apportionment percentage determined under said paragraph (2) of said subsection (m) by the number of days in such taxable year on and after July first, nineteen hundred and ninety-seven.
(3) Notwithstanding a mutual fund service corporation’s failure to achieve its jobs commitment level in the taxable year, the percentage set forth in the second paragraph of paragraph (2) of subsection (m) may be applied, where the failure to achieve the jobs commitment level for any taxable year is demonstrated by the mutual fund service corporation to be a direct result of adverse economic conditions in that taxable year.
(a) Adverse economic conditions can affect only one taxable year except as set forth in subparagraph (b) and (c). Adverse economic conditions shall exist only where during any twelve month period ending during the taxable year, either: (A) the Standard & Poor’s 500 Stock Index decreases ten percent or more compared to its level at the beginning of such twelve month period or (B) the average daily trading volume on the New York Stock Exchange decreases fifteen percent or more compared to the average over the preceding twelve months; or (C) at any time during the taxable year, the total assets under management of the mutual funds served by the mutual fund service corporation decreases twelve and one-half percent or more compared to such total assets under management twelve months earlier.
(b) If a mutual fund service corporation demonstrates that failure to achieve the jobs commitment level for one taxable year was the direct result of an adverse economic condition, such corporation may decrease its jobs commitment level by five percent of the base period employment level for all subsequent taxable years prior to the first taxable year beginning on or after January first, two thousand and two.
(c) If a mutual fund service corporation demonstrates that failure to achieve the jobs commitment level for more than one taxable year was the direct result of an adverse economic condition, such corporation may decrease its jobs commitment level by five percent of the base period employment level for each taxable year in which an adverse economic condition was established for all subsequent taxable years prior to the first taxable year beginning on or after January one, two thousand and two. However, for each taxable year beginning on or after January first, two thousand and two, but prior to the first taxable year beginning on or after January first, two thousand and four, the jobs commitment level shall be an employment level equal to the sum of: (i) the jobs commitment level for the most recent taxable year immediately prior to such year for which an adverse economic condition was not established; and (ii) five percent of the base period employment level.
(4) For the purposes of determining compliance with the provisions of this subsection, each mutual fund service corporation that seeks to rely on the provisions of this subsection for the taxable year in question shall submit, as part of its tax return, a report, with such supporting documentation as the commissioner may require, containing the following:
(i) the number, nature, and aggregate wages of the qualified employees in this commonwealth and qualified employees worldwide as of the end of the taxable year and the number of jobs added or lost as compared to the previous taxable year;
(ii) the number of the qualified employees in this commonwealth as of the last day of the taxable year sorted by place of employment;
(iii) the base period employment level;
(iv) the volume of sales attributable to this commonwealth and worldwide;
(v) the taxable income in this commonwealth;
(vi) net assets under management in this commonwealth and worldwide; and
(vii) the median income of all of qualified employees in the commonwealth and of all of its qualified employees worldwide.
The information provided by each individual mutual fund service corporation shall be treated as confidential under the provisions of section twenty-one of chapter sixty-two C. Said information shall be used by the commissioner of revenue to prepare a comprehensive annual report setting forth the changes in the aggregate from the previous taxable year for each of the items listed above. The commissioner’s report shall also set forth any recommendations the commissioner may have for any amendments to the provisions of this section, and the reasons for any such recommendations. The commissioner’s report shall be filed by October first of each year with the clerk of the senate and the clerk of the house of representatives who shall forward the same to the respective committees on ways and means and the joint committee on taxation.
(5) The commissioner of revenue shall promulgate regulations implementing the provisions of this subsection.
[Subsection (n) applicable to tax years beginning on or after January 1, 2005. See 2004, 262, Sec. 72.]
(n) In any case in which a purchasing corporation makes an election under section 338 of the Code, the target corporation shall be treated as having sold its assets for purposes of this section.
REJECTED
CLERK 27
An Amendment Relative to the Municipal Gas Tax
Messrs. Tarr, Tisei, Knapik, Hedlund, and Brown move to amend the bill (S. 2675) by adding after Section 108 the following section:-
SECTION 109. Chapter 64A of the General Laws, as appearing in the 2004 Official Edition, is hereby amended by inserting, after section 7A, the following section:— Section 7B. The sale of fuel to a city or town which having consumed the same for any municipal purpose shall be exempt from the excise established by this chapter.”
ADOPTED
Redraft CLERK 28
ENDING PROTECTION AND CORPORATE WELFARE FOR TOBACCO CORPORATIONS
Mr. Tisei moves to amend the bill (Senate No. 2675) by inserting at the end thereof the following new section: -
“Section 12 of chapter 64C is hereby repealed.”
And moves again in the same, by inserting a new section: -
“Section 13 of chapter 64C is hereby repealed.”
And moves again in the same, by inserting a new section: -
Section 14 of chapter 64C is hereby repealed.”
And moves again in the same, by inserting a new section: -
“Section 15 of chapter 64C is hereby repealed.”
And moves again in the same, by inserting a new section: -
“Section 16 of chapter 64C is hereby repealed.”
And moves again in the same, by inserting a new section: -
“Section 17 of chapter 64C is hereby repealed.”
And moves again in the same, by inserting a new section: -
“Section 18 of chapter 64C is hereby repealed,”
And moves again in the same, by inserting a new section: -
“Section 19 of chapter 64C is hereby repealed.”
And moves again in the same, by inserting a new section: -
“Section 20 of chapter 64c is hereby repealed.”
REJECTED: RC 211 [12 Yeas to 26 Nays]
CLERK 29
Substance Addiction Treatment
Ms. Walsh, Ms. Jehlen and Mr. Marzilli move to amend the bill (S. 2675) by inserting at the end the following additional section:-
“SECTION XX:
SECTION 1.Chapter 29 of the General Laws, as appearing in the official 2006 version, is hereby amended, by inserting after section 2XXX the following section: -
Section 2YYY. There shall be established and set up on the books of the commonwealth a separate fund to be known as the Substance Abuse Health Protection Fund. Amounts credited to the fund shall be expended, subject to appropriation, to provide funding or supplement existing levels of funding for the following purposes:
(a) For a comprehensive substance abuse treatment program, to be administered by the department of public health, for the treatment of individuals who are dependent on or addicted to alcohol or controlled substances, or both alcohol and controlled substances, and who lack public or private health insurance that would provide coverage for such treatment; (b) To fund such substance abuse treatment programs that are administered by the office of community corrections, the office of the district attorney, the department of corrections, the department of social services, the department of youth services or the office of the commissioner of probation; (c) For comprehensive school health education programs, to be administered by the department of education, provided that such programs shall incorporate information relating to the hazards of alcohol and controlled substances use; (d) For workplace-based and community substance abuse prevention and drinking cessation programs, for substance abuse-related public service advertising and for drug and alcohol education programs, to be administered by the department of public health; and (e) For outpatient substance abuse treatment services, to be administered by the office of community corrections, the office of the district attorney, the department of corrections, the department of social services, the department of youth services or the office of the commissioner of probation, for the outreach, counseling, training and follow-up of individuals who have received treatment for or are dependent on or addicted to alcohol or controlled substances.
SECTION 2. Notwithstanding clause (g) of section 6 of chapter 64H or any other general or special law to the contrary, there shall be a sales tax of 5 per cent on each vendors gross receipts on each sale at retail of alcoholic beverages for off-premises consumption. Notwithstanding any general or special law to the contrary, the proceeds of said tax together with any penalties, forfeitures, interest, costs of suits and fines collected in connection therewith, all as determined by the commissioner of revenue according to his best information and belief shall be credited to the Substance Abuse Health Protection Fund. Any appropriation, grant, gift, or other contribution explicitly made to said fund at any time, and any income derived from the investment of amounts credited to said fund shall also be credited to the Substance Abuse Protection Fund.
CLERK 30
WITHDRAWN
CLERK 31
WITHDRAWN
REJECTED
CLERK 32
TRUE WATER’S EDGE PROVISION
Mr. Baddour moves to amend the bill (Senate, No. 2675), in Section 52, by striking out paragraph (c)(3)(i) and replacing it with the following new paragraph:-
(i) any member incorporated in the United States or formed under the laws of the United States, any state, the District of Columbia, or any territory or possession of the United States but excluding any member with more than 80 percent of the average of its property, payroll and receipts sourced outside the United States.
Redraft CLERK 33
WITHDRAWN
CLERK 34
WITHDRAWN
REJECTED
CLERK 35
APPROPRIATE IMPLEMENTATION
Messrs. Tisei, Tarr, Knapik, Hedlund and Brown move to amend the bill (Senate No. 2675), in section 106 the date “January 1, 2009” and inserting in place there of the date:- January 1, 2010”
CLERK 36
WITHDRAWN
REDRAFT CLERK 37
WITHDRAWN
REJECTED
CLERK 38
Motion Picture Production Tax Credit Expansion
Mr. Antonioni moves to amend the bill (S.2675) by inserting at the end the following sections:
SECTION 1. Said subsection 1 of subsection (l) of section 6 of Chapter 62 of the General Laws, as appearing in the official 2006 version, is hereby amended, by inserting after line 31 of this section the following definitions:
“Exhibitor”, any person engaged in the business of operating one or more theatres that exhibit motion pictures in the Commonwealth.
“Distributor”, any person engaged in the business of distributing or supplying motion pictures to exhibitors by rental, sale or licensing.
SECTION 2. Said subsection (l) of section 6 of Chapter 62 of the General Laws, as appearing in the official 2006 version, is hereby amended, by inserting the following section at the end:
Any motion picture company, and/or its subsidiaries and/or affiliates, who is also a distributor of a motion picture, and applies for a tax credit under said section of the General Laws shall be allowed an additional ten percent tax credit on all production expenses, provided that said distributor shall not prohibit, withhold, exclude or in any way prevent any exhibitor of a motion picture from exhibiting a first run motion picture within the Commonwealth of Massachusetts, or any defined or non-defined geographic area that is designed by said motion picture distributor or exhibitor.
If a motion picture company applies for the additional ten percent tax credit, they shall enter into an agreement to not prohibit, withhold, exclude or in any way prevent any exhibitor of a motion picture from exhibiting a first run motion picture within the Commonwealth of Massachusetts for a three year period. This period shall begin in concert with the tax credit structure.
Any motion picture company distributor who violates the agreement shall be punished by a fine of not more than twenty thousand dollars per violation.
SECTION 3.
The Department of Revenue shall amend the tax credit application process for movie production companies to integrate the application process to include the above provisions.
ADOPTED
Redraft CLERK 39
An Amendment Relative to a Reporting Requirement
Messrs. Tarr, Tisei, Knapik, Hedlund and Brown move to amend the bill (Senate, No. 2675) by inserting after section 103 the following section:-
“SECTION 103A. Notwithstanding any general or special law or rule or regulation to the contrary, the department of revenue and the department of economic development shall report annually on the impacts of this act on employment in the commonwealth to the clerks of the senate and the house of representatives and the chairs of the senate and house committees on ways and means.”
REJECTED
Redraft CLERK 40
Discretion of Combined Reporting
Mr. Hart moves to amend the bill (Senate No. 2675) in section 52 by striking out the instances of the word “that”, in lines 531 and 546, and inserting in both places thereof the words “a majority of which”
REJECTED
CLERK 41
PROPERTY TAX RELIEF AND ASSISTANCE TO CITIES AND TOWNS
Messrs Tisei, Tarr, Knapik, Hedlund and Brown move to amend the bill (Senate No. 2675) by inserting at the end thereof the following sections:-
“SECTION . Notwithstanding any special or general law to the contrary, not less than $100 million generated by the implementation of this act shall be distributed to cities and towns, not later than December 31, 2009, as a one-time nonrecurring local aid payment as listed below:
municipality |
One-Time
Supplemental Aid
From Stabilization |
ABINGTON |
$259,224.77 |
ACTON |
$181,186.86 |
ACUSHNET |
$197,272.02 |
ADAMS |
$262,303.10 |
AGAWAM |
$485,461.09 |
ALFORD |
$1,778.13 |
AMESBURY |
$256,358.72 |
AMHERST |
$1,039,358.02 |
ANDOVER |
$235,463.58 |
AQUINNAH |
$307.79 |
ARLINGTON |
$524,143.93 |
ASHBURNHAM |
$92,189.61 |
ASHBY |
$50,265.28 |
ASHFIELD |
$24,464.12 |
ASHLAND |
$147,326.60 |
ATHOL |
$300,905.48 |
ATTLEBORO |
$751,763.25 |
AUBURN |
$225,676.86 |
AVON |
$48,913.84 |
AYER |
$95,075.46 |
BARNSTABLE |
$277,181.77 |
BARRE |
$107,157.75 |
BECKET |
$11,058.55 |
BEDFORD |
$99,993.75 |
BELCHERTOWN |
$224,214.03 |
BELLINGHAM |
$223,599.82 |
BELMONT |
$209,924.79 |
BERKLEY |
$80,178.15 |
BERLIN |
$26,567.51 |
BERNARDSTON |
$37,374.81 |
BEVERLY |
$509,873.86 |
BILLERICA |
$518,592.90 |
BLACKSTONE |
$157,688.47 |
BLANDFORD |
$16,624.61 |
BOLTON |
$26,017.26 |
BOSTON |
$7,579,366.38 |
BOURNE |
$155,843.31 |
BOXBOROUGH |
$33,240.33 |
BOXFORD |
$60,203.73 |
BOYLSTON |
$45,137.24 |
BRAINTREE |
$396,393.12 |
BREWSTER |
$52,030.50 |
BRIDGEWATER |
$421,968.86 |
BRIMFIELD |
$51,376.58 |
BROCKTON |
$2,302,753.57 |
BROOKFIELD |
$65,063.37 |
BROOKLINE |
$466,291.56 |
BUCKLAND |
$36,457.26 |
BURLINGTON |
$198,307.52 |
CAMBRIDGE |
$929,750.23 |
CANTON |
$189,622.79 |
CARLISLE |
$27,347.95 |
CARVER |
$192,503.65 |
CHARLEMONT |
$23,034.11 |
CHARLTON |
$171,021.93 |
CHATHAM |
$19,831.80 |
CHELMSFORD |
$400,392.39 |
CHELSEA |
$722,608.05 |
CHESHIRE |
$74,164.21 |
CHESTER |
$23,724.34 |
CHESTERFIELD |
$18,193.64 |
CHICOPEE |
$1,390,835.40 |
CHILMARK |
$494.14 |
CLARKSBURG |
$46,548.61 |
CLINTON |
$291,618.82 |
COHASSET |
$50,210.11 |
COLRAIN |
$33,618.00 |
CONCORD |
$112,219.93 |
CONWAY |
$23,550.60 |
CUMMINGTON |
$10,992.90 |
DALTON |
$132,843.61 |
DANVERS |
$256,839.84 |
DARTMOUTH |
$332,185.14 |
DEDHAM |
$266,778.51 |
DEERFIELD |
$63,291.80 |
DENNIS |
$71,765.52 |
DEVENS |
$0.00 |
DIGHTON |
$91,587.37 |
DOUGLAS |
$96,165.27 |
DOVER |
$25,348.74 |
DRACUT |
$461,701.92 |
DUDLEY |
$203,403.59 |
DUNSTABLE |
$27,437.10 |
DUXBURY |
$116,806.41 |
EAST BRIDGEWATER |
$197,246.93 |
EAST BROOKFIELD |
$35,563.86 |
EAST LONGMEADOW |
$190,741.93 |
EASTHAM |
$19,632.33 |
EASTHAMPTON |
$358,863.72 |
EASTON |
$288,570.66 |
EDGARTOWN |
$5,759.51 |
EGREMONT |
$8,314.37 |
ERVING |
$7,464.59 |
ESSEX |
$28,681.60 |
EVERETT |
$477,939.96 |
FAIRHAVEN |
$255,705.56 |
FALL RIVER |
$2,897,696.56 |
FALMOUTH |
$182,690.24 |
FITCHBURG |
$1,101,810.42 |
FLORIDA |
$6,559.11 |
FOXBOROUGH |
$196,280.04 |
FRAMINGHAM |
$813,662.74 |
FRANKLIN |
$325,609.62 |
FREETOWN |
$125,129.25 |
GARDNER |
$545,618.24 |
GEORGETOWN |
$88,787.61 |
GILL |
$28,024.94 |
GLOUCESTER |
$322,682.91 |
GOSHEN |
$10,541.96 |
GOSNOLD |
$68.71 |
GRAFTON |
$206,039.98 |
GRANBY |
$116,351.55 |
GRANVILLE |
$21,127.23 |
GREAT BARRINGTON |
$100,006.67 |
GREENFIELD |
$418,359.86 |
GROTON |
$101,421.22 |
GROVELAND |
$83,907.85 |
HADLEY |
$45,159.05 |
HALIFAX |
$119,619.94 |
HAMILTON |
$80,190.44 |
HAMPDEN |
$82,546.99 |
HANCOCK |
$5,572.53 |
HANOVER |
$138,709.73 |
HANSON |
$154,411.40 |
HARDWICK |
$53,069.39 |
HARVARD |
$189,317.00 |
HARWICH |
$56,761.71 |
HATFIELD |
$41,117.21 |
HAVERHILL |
$1,030,101.22 |
HAWLEY |
$4,334.48 |
HEATH |
$10,326.71 |
HINGHAM |
$172,588.63 |
HINSDALE |
$27,912.07 |
HOLBROOK |
$193,931.11 |
HOLDEN |
$225,780.40 |
HOLLAND |
$26,597.27 |
HOLLISTON |
$160,411.57 |
HOLYOKE |
$1,274,082.25 |
HOPEDALE |
$85,927.39 |
HOPKINTON |
$90,780.47 |
HUBBARDSTON |
$52,834.12 |
HUDSON |
$262,773.31 |
HULL |
$132,246.77 |
HUNTINGTON |
$43,504.69 |
IPSWICH |
$129,426.46 |
KINGSTON |
$126,483.13 | |
