Get Form 355 Business/Manufacturing Corporation Excise Return 2012 - Mass

A business corporation will only file a separate Form 355 or 355S to calculate its non-income measure of excise tax, if its year ends at a different time than the common year used to determine the combined group's income.

Overview. A corporation that is subject to the tax jurisdiction of Massachusetts is generally required to file returns with DOR.

Massachusetts Tax Rates, Collections, and Burdens Massachusetts has an 8.00 percent corporate income tax rate. Massachusetts has a 6.25 percent state sales tax rate and does not levy local sales taxes.

An S corporation financial institution is taxed at 9.0% on any income that is taxable at the federal level. An S corporation financial institution with gross receipts that are $6 million or more but less than $9 million is subject to the corporate excise at a rate of 2.67% on net income subject to tax.

Massachusetts has an 8.00 percent corporate income tax rate. Massachusetts has a 6.25 percent state sales tax rate and does not levy local sales taxes.

The minimum tax is $456. Taxable Period: The taxable period for corporations is either the calendar year or the corporation's fiscal year....Corporate Excise: Basic Structure. Gross Receipts or SalesApplyApplyTax Rate (9.5% or respective S-corp rates)Tax Rate of 0.26%equalsequalsIncome ExciseNon-Income Excise30 more rows

LLCs filing as C-Corps must pay Massachusetts Corporate Excise Tax, which is 8% of a business's taxable net income plus either a property measure (for tangible property corporations) or a net worth measure (for intangible property corporations).

The minimum tax is $456....Corporate Excise: Basic Structure. Gross Receipts or SalesMassachusetts Taxable IncomeTaxable Massachusetts Tangible Property or Net WorthApplyApplyTax Rate (9.5% or respective S-corp rates)Tax Rate of 0.26%equalsequals30 more rows