Massachusetts 2023-2024 Regular Session

Massachusetts House Bill H2853 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	1 of 1
2	2	HOUSE DOCKET, NO. 184 FILED ON: 1/10/2023
3	3	HOUSE . . . . . . . . . . . . . . . No. 2853
4	4	The Commonwealth of Massachusetts
5	5	_________________
6	6	PRESENTED BY:
7	7	Hannah Kane
8	8	_________________
9	9	To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
10	10	Court assembled:
11	11	The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:
12	12	An Act allowing for the deduction of business interest.
13	13	_______________
14	14	PETITION OF:
15	15	NAME:DISTRICT/ADDRESS :DATE ADDED:Hannah Kane11th Worcester1/10/2023Joseph D. McKenna18th Worcester1/31/2023Paul A. Schmid, III8th Bristol2/1/2023David F. DeCoste5th Plymouth2/8/2023 1 of 2
16	16	HOUSE DOCKET, NO. 184 FILED ON: 1/10/2023
17	17	HOUSE . . . . . . . . . . . . . . . No. 2853
18	18	By Representative Kane of Shrewsbury, a petition (accompanied by bill, House, No. 2853) of
19	19	Hannah Kane and others relative to the income tax deduction of business interest. Revenue.
20	20	The Commonwealth of Massachusetts
21	21	_______________
22	22	In the One Hundred and Ninety-Third General Court
23	23	(2023-2024)
24	24	_______________
25	25	An Act allowing for the deduction of business interest.
26	26	Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority
27	27	of the same, as follows:
28	28	1 SECTION 1. Section 1 of chapter 62 of the General Laws is hereby amended by striking
29	29	2out subsection (c) and inserting in place thereof the following subsection: -
30	30	3 (c) “Code”, the Internal Revenue Code of the United States, as amended on January 1,
31	31	42022 and in effect for the taxable year; but Code shall mean the Code as amended and in effect
32	32	5for the taxable year for sections 62(a)(1), 72, 105, 106, 139C, 223, 274(m), 274(n), 401 through
33	33	6420, inclusive, 457, 529, 529A, 530, 951, 951A, 959, 961, 3401 and 3405 but excluding sections
34	34	7402A and 408(q), and provided further that for purposes of determining the amount of business
35	35	8interest deductible under this chapter, the provisions of section 163(j) of the Code shall not
36	36	9apply.
37	37	10 SECTION 2. Section 1 of chapter 63 of the General Laws is hereby amended by striking
38	38	11out the definition of “Code” therein and inserting in place thereof the following definition: - 2 of 2
39	39	12 “Code”, the Internal Revenue Code of the United States, as amended and in effect for the
40	40	13taxable year, unless otherwise provided; for sections 163(j), 381(c)(20), 382(d)(3) and 382(k)(1),
41	41	14Code shall mean the Code as amended and in effect for tax years beginning before January 1,
42	42	152018.
43	43	16 SECTION 3. Section 30 of said chapter 63 is hereby amended by striking out the first
44	44	17sentence of paragraph 4 and inserting in place thereof the following sentence: -
45	45	18 “Net income”, gross income less the deductions, but not credits, allowable under the
46	46	19provisions of the Federal Internal Revenue Code, as amended and in effect for the taxable year;
47	47	20provided, however, that for sections 163(j), 381(c)(20), 382(d)(3) and 382(k)(1), Code shall
48	48	21mean the Code as amended and in effect for tax years beginning before January 1, 2018, and
49	49	22provided further that any deduction otherwise allowable which is allocable, in whole or in part,
50	50	23to one or more classes of income not included in a corporation’s taxable net income, as
51	51	24determined under subsection (a) of section 38, shall not be allowed.
52	52	25 SECTION 4. This act shall be effective for taxable years beginning after December 31,
53	53	262017.