Regulation  830 CMR 63.38B.1: Reg Fact Sheet

Date:	07/14/2006
Organization:	Massachusetts Department of Revenue
Regulatory Authority:	Massachusetts General Laws
Official Version:	Published by the Massachusetts Register

MASSACHUSETTS DEPARTMENT OF REVENUE REGULATION FACT SHEET

TITLE: 830 CMR 63.38B.1: Massachusetts Taxation of Security Corporations

REGULATORY HISTORY

Regulation promulgated 7/14/2006.

SUMMARY OF REGULATION

This Regulation sets forth detailed rules for the taxation of security corporations. In particular, this Regulation:

• defines the qualifications for security corporation classification,
• provides a detailed definition of a qualifying security,
• explains the requirement that securities held by a security corporation must be held exclusively for investment purposes,
• sets forth the procedure for applying for security corporation classification,
• states the rules that apply for the continuance of security corporation classification, and the rules for cases where there is a change in activities,
• sets forth the procedures for voluntary withdrawal from security corporation classification, and for revocation of classification.

REASON FOR PROMULGATION

Pursuant to authority granted the Commissioner by G.L. c. 14, § 6(1); G.L. c. 62C, § 3.

PREPARED BY

Massachusetts Department of Revenue

Rulings and Regulations Bureau

100 Cambridge Street, 7 th floor

Boston, MA 02114

[phone]

FAX: [phone]

06/06

216947