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Mass. General Laws c.63

Taxation of corporations

This page links to an unofficial version of each section of G.L. c. 63. Please note that sections that appear missing have been either reserved for future use or repealed.

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§ 1 Definitions 
§ 2 Financial institutions; excise rate 
§ 2A Financial institutions; determination of net income 

Amended by St. 2024, c. 248, § 14, effective January 1, 2025

§ 2B S corporations; excise rate; determining factors of amount 
§ 7 Effect of assessment on other levies 
§ 20 Premiums subject to taxation; rate 
§ 21 Additional tax on foreign companies 
§ 22 Domestic companies other than life; premiums subject to taxation; rate 
§ 22A Domestic companies; annual total gross investment income earned tax 
§ 22B Investment privilege excise; net investment income 
§ 22C Credit against investment privilege excise 
§ 22D Gains, determination for investment privilege excise purposes; definitions 
§ 23 Foreign companies; premiums subject to taxation; rate 
§ 24 Deductions 
§ 24A Retaliatory taxes; applicability and reciprocal exemption; definition 
§ 26 Examination of records 
§ 28 Payment; time; basis for liability 
§ 29 Liability for taxes 
§ 29A Fire and marine companies; tax on underwriting profit; computation 
§ 29B Taxation of reciprocal or inter-insurance exchange agents 
§ 29C Life insurance companies; credits against taxes imposed by Secs. 20 and 22 
§ 29D Property and casualty insurance companies; taxes on premiums; credits against taxes imposed by Secs. 22 and 23 
§ 29E Definitions; property and casualty insurance companies; retaliatory taxes; credits against taxes imposed by Sec. 22 
§ 30 Definitions; value of tangible property; net worth 

Amended by St.2022, c.180, § 2, effective for taxable years beginning on or after January 1, 2022

§ 31A Investment credit for certain corporations; limitations 
§ 31C Credit for certain corporations; increase in number of full-time employees 
§ 31D Definitions applicable to Secs. 31D to 31F 
§ 31E Credit for company shuttle van purchase or lease expenses 
§ 31F Vanpool vehicle registration; fee 
§ 31H Definitions; state low-income housing tax credit; eligibility; allocation; recapture 

Amended by St. 2023, c.50, § 30 effective for taxable years beginning on or after January 1, 2023

§ 31I Transactions with related members; adding back of certain deductions 
§ 31J Deductible interest; interest paid to related member; taxpayer's burden to show disallowance of deduction unreasonable 
§ 31K Deductible interest; adjustments; applicability 
§ 31M Life sciences tax credit 

Amended by St. 2024, c. 238, § 195, effective November 20, 2024

§ 31N Determination of gross income; adjustment to federal gross income 
§ 32B Combined reporting; corporations subject to combination; apportionment of income; joint and several liability; regulations; affiliated group election 
§ 32C Maximum amount of credits; carryover 
§ 32D S corporations; net income measure 
§ 32E Application and refund of credits earned under Sec. 38X; substantiation of claims; regulations 
§ 38 Determination of net income derived from business carried on within commonwealth 

Amended by St. 2024, c. 248, § 15, effective January 1, 2025

§ 38A Taxable net income 
§ 38B Financial institutions and business corporations engaged exclusively in buying, selling, dealing in or holding securities; excise rate 
§ 38D Deduction of expenditures for industrial waste treatment or air pollution control facilities 
§ 38E Eligible business facility; excise credit 
§ 38F Deduction from net income for compensation paid to individuals employed by eligible business facility domiciled in present or former eligible section of substantial poverty 

Amended by St.2023, c. 7, § 228, effective May 30, 2023

§ 38G Reporting wholly-owned DISC income 
§ 38H Alternative energy sources; deduction 
§ 38I Wages deemed compensation paid in commonwealth; deduction; election 
§ 38J Qualified research contribution deduction 
§ 38L Natural Heritage and Endangered Species Fund; contributions 
§ 38M Credit against amount of excise due; research expenses 

Amended by St. 2024, c. 238, §§ 196-199, effective November 20, 2024

§ 38N Economic development incentive program; tax credit for certified projects 

Amended by St. 2024, c. 238, §§ 200-207, effective November 20, 2024

§ 38O Economic target areas; tax deduction for renovation of abandoned buildings 
§ 38Q Environmental response actions; credit 

Amended by St.2023, c.28, §§ 32-33, effective July 1, 2023.

§ 38R Massachusetts historic rehabilitation tax credit 

Amended by St. 2024, c. 150, §§ 23-24

§ 38S Automatic sprinkler system; depreciation deduction 
§ 38U Credit for cost of qualifying property; life sciences 

Amended by St. 2024, c. 238, § 208, effective November 20, 2024

§ 38V Deductions for qualifying clinical testing expenses; certified life sciences company 
§ 38W Credit for qualified research expenses; life sciences 
§ 38X Credit against taxes imposed on persons filming motion picture for employment of persons within commonwealth in connection with filming or production 
§ 38Y Unrelated business taxable income for certain exempt corporations 
§ 38Z Dairy farm tax credit program 

Amended by St. 2023, c.50, § 32 effective for taxable years beginning on or after January 1, 2023

§ 38AA Credit against taxes imposed for qualified donation of certified land to public or private conservation agency 
§ 38BB Credit against taxes imposed for a certified housing development project 

Amended by St. 2024, c. 248, § 16, effective December 4, 2024

§ 38CC Life Sciences refundable jobs credit 
§ 38DD Credit against excise tax imposed under Secs. 2(b), 2B(b) or 39(b) 
§ 38GG Hiring of qualified veterans; excise tax credit 

Amended by St. 2024, c. 178, § 27, effective on taxable years beginning on January 1, 2024; § 28 effective August 8, 2024

§ 38HH Credit for wages paid to qualified apprentice 

Amended by St. 2023, c.50, § 34 effective for taxable years beginning on or after January 1, 2023

§ 38JJ Tax credits for qualified employees with disabilities 

Amended by St. 2024, c. 205, § 65, effective September 12, 2024

§ 38KK Tax credits for qualified employers hiring members of the national guard 

Amended by St.2023, c.77, § 16, effective December 4, 2023

§ 38LL Offshore wind tax incentive program; refundable jobs credit 

Amended by St. 2024, c. 238, § 209, effective November 20, 2024

§ 38MM Refundable credit for capital investment in an offshore wind facility; amount; eligibility; limitations; administration 

Amended by St. 2024, c. 239, § 41, effective February 18, 2025

§ 38NN Nonrefundable credits for trainings; eligibility; credit amount 

Added by St.2024, c. 88, §§ 7-8, effective for taxable years beginning on or after January 1, 2024.

§ 38OO Qualified conversion project tax credit 

Added by St. 2024, c. 150, § 26, effective August 6, 2024

§ 38PP Qualified homeownership development project tax credit 

Added and amended by St. 2024, c. 150, §§ 26-27

§ 38QQ Theater production certificate holder tax credit 

Added by St. 2024, c. 238, § 212, which shall take effect for taxable years beginning on or after January 1, 2025

§ 38RR Climatetech company tax credit 

Added by St. 2024, c. 238, § 212, applicable to tax years beginning on or after January 1, 2024

§ 38SS Climatetech companies; qualified research expense tax credit 

Added by St. 2024, c. 238, § 212, applicable to tax years beginning on or after January 1, 2024

§ 38TT Climatetech companies; jobs tax credit 

Added by St. 2024, c. 238, § 212, applicable to tax years beginning on or after January 1, 2024

§ 38UU Business corporation internship tax credit 

Added by St. 2024, c. 238, § 212

§ 39 Tax rate 
§ 39A Tax on business subsidiary corporation 
§ 42 Alternative method of determining net income 
§ 42A Taxable net income 
§ 42B Manufacturing and research and development corporations 

Amended by St. 2024, c. 238, § 213, effective November 20, 2024

§ 52 Unconstitutionality of excise tax law; effect; revival of former act 
§ 55 Valuation 
§ 58 Tax rate 
§ 59 Assessment of additional taxes 
§ 67 Assessment; rate; return; deductions 
§ 68 Effect on other taxes 
§ 68A Conflict between local and state valuations; remedy 
§ 68C Exemption from excise under Sec. 39 for certain business corporations 
§ 69 Inspection of records; examination of officers 
§ 79 Penalty for failure to make return for corporate franchise tax 
§ 80 Collection of penalties 
§ 81 Local taxation, defined 

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