Maintaining interest expense deductibility
Decouple the state’s tax code from the new interest expense deductibility limitations under IRC §163(j), which was created under the federal Tax Cuts and Jobs Act (TCJA). Decoupling would prevent a corporate tax increase and ensure the state remains competitive for investment.
Extending the single-sales factor to all industries
Extend single-sales factor apportionment to all Massachusetts industries at the company's election. The single-sales factor apportionment is the ratio of Massachusetts sales to overall sales; under current law, it applies to manufacturing companies, qualifying defense contractors, and qualifying financial service providers.
Ensuring the privacy of taxpayer information
Protect the privacy of work in progress (WIP) documents related to audits by the Office of the Treasurer regarding unclaimed property.
Improving the tax administrative laws of the Commonwealth
Reform current Department of Revenue administrative procedures for auditing corporations, encourage tax settlements with a broad tax amnesty program, and restore quarterly payment of taxes.
Equalizing Department of Revenue interest rates
Equalize the current short-term interest rate on money owed by a taxpayer to the Massachusetts Department of Revenue (DOR) from a high of 4 percent compounded daily to a rate of 2 percent simple interest, which is the current rate paid by the DOR to a taxpayer when the taxpayer is due a refund or has overpaid.
Clarifying the Net-Worth Calculation
Clarify current law on how the Massachusetts Department of Revenue determines debt or equity when auditing corporation's financial transactions to determine the net-worth tax of a corporation.
Tax Credits for Manufacturing Skills Training
Provide a 50 percent tax credit for eligible expenses for employees who achieve successful certification through the Massachusetts Manufacturing Advancement Center Workforce Innovation Collaborative’s (MACWIC) Applied Manufacturing Technology Pathway Certification Program. Employees must be full time and employed in the Commonwealth.
Eliminating Contingent Fee Auditors
Prevent any state agency from hiring contingent fee auditors for any purpose related to Massachusetts taxation.