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MA H3110

Bill

Official Source

Status

Introduced

2/27/2025

Primary Sponsor

Carlos Gonzalez

Click for details

Origin

House of Representatives

194th General Court

AI Summary

  • Amends Massachusetts tax law to require taxation of Global Intangible Low-Taxed Income (GILTI) under IRC Section 951A, which targets profits held in offshore subsidiaries by U.S. shareholders
  • Allows a 50% deduction for GILTI amounts, effectively taxing half of these offshore earnings at the state level
  • Distinguishes GILTI income (Section 951A) from Subpart F income (Section 951), treating them differently for dividend classification purposes
  • Excludes GILTI amounts from being counted as "receipts" for apportionment purposes under corporate excise tax calculations
  • Applies to all tax years beginning on or after January 1, 2025

Legislative Description

Combating offshore tax avoidance

Last Action

Reporting date extended to Wednesday, March 18, 2026

2/25/2026

Committee Referrals

Revenue2/27/2025

Full Bill Text

No bill text available