§ 83 — Report to state secretary; corporations required to report; contents

Massachusetts § 83

• Jurisdiction: Massachusetts
• Part I: ADMINISTRATION OF THE GOVERNMENT
• Title IX: TAXATION
• Ch. 62C: ADMINISTRATIVE PROVISIONS RELATIVE TO STATE TAXATION

Text

Section 83. (a)(i) Every corporation that is required to file both a report pursuant to section thirteen or section fifteen of the Securities and Exchange Act of 1934 and successor acts and a tax return pursuant to section eleven of this chapter and (ii) every bank and every insurance company that is required to file both a report pursuant to the Securities and Exchange Act of 1934 and successor acts or Title 12 of the United States Code or under section seven of chapter one hundred and sixty-seven or section twenty-six of chapter one hundred and sixty-eight or section eighteen of chapter one hundred and seventy or section twenty-two of chapter one hundred and seventy-two or section twenty-five of chapter one hundred and seventy-five and a tax return pursuant to paragraphs (a), (d), or (e) of section twelve of this chapter shall report on March first, nineteen hundred and ninety-five and on March first of each year thereafter to the state secretary certain information as specified herein from such tax return or other document on a form prepared by the state secretary containing information as specified herein from its most recently filed tax return or other document filed on or before the prior June thirtieth. The form shall be treated as a report for the purposes of section 16.22 of subdivision B of Part 16 of chapter 156D and sections 7 and 8 of chapter 167 and as part of the annual report for purposes of section 26 of chapter 175, and the report or amended report shall be maintained by the state secretary as a public record; but, the report or amended report shall be available for public inspection only after the state secretary has expunged the name of the taxpayer and the location, including street address, of the taxpayer's principal office as required by subsection (n).(b) The forms of report prepared by the state secretary shall be made available to tax payers required to report under this section no later than November first, nineteen hundred and ninety-three and on November first of each year thereafter.(c) In the case of corporations that are required to report under this section, such form shall require the reporting of the following information, provided that where two or more corporations file a combined return of income all numerical information shall be reported on a combined basis and the names and addresses of all such corporations shall be listed:(1) the name of the taxpayer;(2) the location, including street address, of the principal office;(3) gross receipts or sales, as reported on item 1 of schedule E of form 355A or 355B, or the sum of items 1 of schedule E of form 355C–A or 355C–B;(4) either (a) gross profit, as reported on item 2 of schedule E of form 355A or 355B, or the sum of items 2 of schedule E of form 355C–A or 355C–B, or (b) any excess tax credit or credits subject to carry-over to future years, as determined by adding the amount reported on item 28 of schedule H of form 355A or 355B and the amount reported on item 25 of schedule RC of form 355A or 355B, or the sum of items 28 of schedule H of form 355C–A or 355C–B and the sum of items 30 of schedule RC–A of form 355C–A or 355C–B;(5) income subject to apportionment, as reported on item 13 of schedule E of form 355A or 355B, or the sum of items 13 of schedule E of form 355C–A or 355C–B;(6) income taxable in Massachusetts as reported on item 18 of schedule E of form 355A or 355B, or column g of item 18 of schedule E of form 355C–A, or 355C–B;(7) total non-income tax excise as reported on item 3 of form 355A or 355B, or the sum of items 3 of form 355C–A or 355C–B;(8) the excise due, as reported on item 15 of form 355A or 355B, or the sum of items 15 of form 355C–A or 355C–B; and(9) the amount of each tax credit taken against the excise imposed by chapter sixty-three, as reported on form 355A, 355B, 355C–A or 355C–B.(d) In the case of banks required to report under this section, such form shall require the reporting of:(1) the name of the taxpayer;(2) the location, including street address, of the principal office;(3) net interest income as reported on line 3 of schedule RI–Income Statement of the Report of Condition and Income filed with the federal financial institutions examination council;(4) income taxable in Massachusetts as reported on item 7 on form 63 B.T.C.;(5) total Massachusetts excise or tax due, as reported on item 8 on form 63 B.T.C.; and(6) the amount of each tax credit taken against the excise imposed by chapter sixty-three, as reported on form 63 B.T.C.(e) In the case of domestic life insurance companies required to report under this section, such form shall require the reporting of:(1) the name of the taxpayer;(2) the location, including street address, of the principal office;(3) gross receipts or sales as reported on the company's National Association of Insurance Commissioners Annual Statement, determined by adding the amounts reported in columns 3, 4 and 5 of line 98 of schedule T of said statement and the amounts reported on the summary of operations on lines 2 and 6 of page 4 of said statement;(4) income subject to apportionment as reported on item 7 of schedule C of form DL–2;(5) premiums and income taxable in Massachusetts as determined by adding (i) items 10 and 11 of part 1 of form DL–1 or item 12 of part 2 of schedule DL–1A and (ii) item 2 of form DL–2;(6) total Massachusetts excise or tax due as determined by adding item 8 of form DL–1 and item 4 of form DL–2; and(7) the amount of each tax credit taken against the excise imposed by chapter sixty-three, as reported on form DL–1 or DL–2.(f) In the case of domestic property and casualty insurance companies required to report under this section, such form shall require the reporting of:(1) the name of the taxpayer;(2) the location, including street address, of the company's principal office;(3) gross receipts or sales as reported on the company's National Association of Insurance Commissioners Annual Statement, determined by adding the amounts reported in columns 2 and 8 of line 98 of schedule T of said Annual Statement and the amounts reported on the Underwriting and Investment Exhibit Statement of Income on line 12 of page 4 of said Annual Statement;(4) premiums and income taxable in Massachusetts as determined by adding item 5 of part I of form 63–22 and item 10 of part II of form 63–22;(5) total Massachusetts excise or tax due as reported on item 6 of form 63–22; and(6) the amount of each tax credit taken against the excise imposed by chapter sixty-three, as reported on form 63–22.(g) In the case of foreign life insurance companies required to report under this section, such form shall require the reporting of:(1) the name of the taxpayer;(2) the location, including street address of the principal office;(3) gross receipts or sales as reported on the company's National Association of Insurance Commissioners Annual Statement, determined by adding the amounts reported in columns 3, 4 and 5 of line 98 of schedule T of said Annual Statement and the amounts reported on the Summary of Operations on lines 2 and 6 of page 4 of said Annual Statement;(4) premiums taxable in Massachusetts as determined by adding (i) the larger of item 7 of part 1 or column A of part 2 of form 63–20–23 and (ii) the larger of item 12 of part 1 or column B of part 2 of form 63–20–23;(5) total Massachusetts excise or tax due as reported on item 9 of form 63–20–23; and(6) the amount of each tax credit taken against the excise imposed by chapter sixty-three, as reported on form 63–20–23.(h) In the case of foreign property and casualty insurance companies required to report under this section, such form shall require the reporting of:(1) the name of the taxpayer;(2) the location, including street address of the principal office;(3) gross receipts or sales as reported on its National Association of Insurance Commissioners Annual Statement, determined by adding the amounts reported in columns 2 and 8 of line 98 of Schedule T of said Annual Statement and the amounts reported on the Underwriting and Investment Exhibit Statement of Income on line 12 of page 4 of said Annual Statement;(4) premiums taxable in Massachusetts as reported on item 5 of form 63–23;(5) total Massachusetts excise or tax due as reported on item 10 of form 63–23; and(6) the amount of each tax credit taken against the excise imposed by chapter sixty-three, as reported on form 63–23.(i) In the case of preferred provider companies required to report under this section, such form shall require the reporting of:(1) the name of the taxpayer;(2) the location, including street address of the principal office;(3) gross receipts or sales as reported on line 1 of schedule A, of Internal Revenue Service form 1120–PC;(4) income taxable in Massachusetts as reported on item 3 of form 176–I;(5) total Massachusetts excise or tax due as reported on item 4 of form 176–I; and(6) the amount of each tax credit taken against the excise imposed by chapter sixty-three, as reported on form 176–I.(j) Any taxpayer required to report under this section which chooses to supplement the foregoing information with additional information may do so on the form provided by the state secretary.(k) For purposes of this section, all references to tax return or other forms, schedules and items are to the Massachusetts department of revenue or other forms, schedules and items used for taxable or other reporting years beginning during calendar year nineteen hundred and ninety-one. Should any such tax return or other form, schedule or item change for any subsequent taxable year, the state secretary, in consultation with the department of revenue, shall amend the form of report to require the reporting of the amount contained in the form, schedule or item used for such subsequent year that corresponds to the form, schedule and item referenced herein.(l) Where the amount of any item reported under this section changes, the taxpayer shall, within thirty days of the final determination of such change, file an amended report in a form prescribed by the state secretary.(m) The state secretary shall make available for public inspection by April first, nineteen hundred and ninety-four and by April first of each year thereafter a list of all taxpayers which are required to file under subsection (a).(n) Upon receipt of a report filed under this section the state secretary shall assign the report a number, chosen by the state secretary at random, which number shall be used to identify the report for purposes of public inspection of the report and any amendments thereto. A taxpayer shall be assigned the same number for its reports and any amendments thereto each year. The state secretary shall make available for public inspection copies of all reports and amended reports filed under this section after assigning such numbers and expunging from each copy the name of the taxpayer and the location, including street address, of the taxpayer's principal office.