Section 38G. A business corporation subject to tax under this chapter shall for the purposes of determining its excise under the provisions of this chapter include in the report of its income all the income of any wholly-owned DISC, whether such DISC is organized under the laws of the commonwealth or the laws of any other state, for the taxable year of such wholly-owned DISC which ends immediately after the taxable year of such corporation and shall include in its assets and liabilities all of the assets and liabilities of any such wholly-owned DISC as of the end of the taxable year of such wholly-owned DISC which ends immediately after the taxable year of such corporation.
Every business corporation subject to tax under this chapter which has such a wholly-owned DISC shall include in its return: (1) a copy of the federal income tax return filed by such DISC for the taxable year which ends immediately after the taxable year of such corporation and (2) a statement that the income, assets and liabilities reported by such corporation for the taxable year and upon which its excise under this chapter has been determined includes the income, assets and liabilities of such DISC for the taxable year of the DISC which ends immediately after the taxable year of such corporation.
Structure Massachusetts General Laws
Part I - Administration of the Government
Chapter 63 - Taxation of Corporations
Section 2 - Financial Institutions; Excise Rate
Section 2a - Financial Institutions; Determination of Net Income
Section 2b - S Corporations; Excise Rate; Determining Factors of Amount
Section 7 - Effect of Assessment on Other Levies
Section 20 - Premiums Subject to Taxation; Rate
Section 21 - Additional Tax on Foreign Companies
Section 22 - Domestic Companies Other Than Life; Premiums Subject to Taxation; Rate
Section 22a - Domestic Companies; Annual Total Gross Investment Income Earned Tax
Section 22b - Investment Privilege Excise; Net Investment Income
Section 22c - Credit Against Investment Privilege Excise
Section 22d - Gains, Determination for Investment Privilege Excise Purposes; Definitions
Section 23 - Foreign Companies; Premiums Subject to Taxation; Rate
Section 24a - Retaliatory Taxes; Applicability and Reciprocal Exemption; Definition
Section 26 - Examination of Records
Section 28 - Payment; Time; Basis for Liability
Section 29 - Liability for Taxes
Section 29a - Fire and Marine Companies; Tax on Underwriting Profit; Computation
Section 29b - Taxation of Reciprocal or Inter-Insurance Exchange Agents
Section 29c - Life Insurance Companies; Credits Against Taxes Imposed by Secs. 20 and 22
Section 30 - Definitions; Value of Tangible Property; Net Worth
Section 31a - Investment Credit for Certain Corporations; Limitations
Section 31c - Credit for Certain Corporations; Increase in Number of Full-Time Employees
Section 31d - Definitions Applicable to Secs. 31d to 31f
Section 31e - Credit for Company Shuttle Van Purchase or Lease Expenses
Section 31f - Vanpool Vehicle Registration; Fee
Section 31h - Definitions; State Low-Income Housing Tax Credit; Eligibility; Allocation; Recapture
Section 31i - Transactions With Related Members; Adding Back of Certain Deductions
Section 31k - Deductible Interest; Adjustments; Applicability
Section 31l - Medical Device Company Tax Credit; Credit Transfer Program
Section 31m - Life Sciences Tax Credit
Section 31n - Determination of Gross Income; Adjustment to Federal Gross Income
Section 32c - Maximum Amount of Credits; Carryover
Section 32d - S Corporations; Net Income Measure
Section 38 - Determination of Net Income Derived From Business Carried on Within Commonwealth
Section 38a - Taxable Net Income
Section 38e - Eligible Business Facility; Excise Credit
Section 38g - Reporting Wholly-Owned Disc Income
Section 38h - Alternative Energy Sources; Deduction
Section 38i - Wages Deemed Compensation Paid in Commonwealth; Deduction; Election
Section 38j - Qualified Research Contribution Deduction
Section 38l - Natural Heritage and Endangered Species Fund; Contributions
Section 38m - Credit Against Amount of Excise Due; Research Expenses
Section 38n - Economic Development Incentive Program; Tax Credit for Certified Projects
Section 38o - Economic Target Areas; Tax Deduction for Renovation of Abandoned Buildings
Section 38p - Harbor Maintenance Taxes; Credit
Section 38q - Environmental Response Actions; Credit
Section 38r - Massachusetts Historic Rehabilitation Tax Credit
Section 38s - Automatic Sprinkler System; Depreciation Deduction
Section 38u - Credit for Cost of Qualifying Property; Life Sciences
Section 38v - Deductions for Qualifying Clinical Testing Expenses; Certified Life Sciences Company
Section 38w - Credit for Qualified Research Expenses; Life Sciences
Section 38y - Unrelated Business Taxable Income for Certain Exempt Corporations
Section 38z - Dairy Farm Tax Credit Program
Section 38bb - Credit Against Taxes Imposed for a Certified Housing Development Project
Section 38cc - Life Sciences Refundable Jobs Credit
Section 38dd - Credit Against Excise Tax Imposed Under Secs. 2(b), 2b(b) or 39(b)
Section 38ee - Community Investment Tax Credit
Section 38gg - Hiring of Qualified Veterans; Excise Tax Credit
Section 38hh - Credit for Wages Paid to Qualified Apprentice
Section 38ii - Cranberry Production
Section 38jj - Tax Credits for Qualified Employees With Disabilities
Section 39a - Tax on Business Subsidiary Corporation
Section 42 - Alternative Method of Determining Net Income
Section 42a - Taxable Net Income
Section 42b - Manufacturing and Research and Development Corporations
Section 52 - Unconstitutionality of Excise Tax Law; Effect; Revival of Former Act
Section 59 - Assessment of Additional Taxes
Section 67 - Assessment; Rate; Return; Deductions
Section 68 - Effect on Other Taxes
Section 68a - Conflict Between Local and State Valuations; Remedy
Section 68c - Exemption From Excise Under Sec. 39 for Certain Business Corporations
Section 69 - Inspection of Records; Examination of Officers
Section 79 - Penalty for Failure to Make Return for Corporate Franchise Tax