If your employer provides Section plan benefits, you receive a tax break on your contributions.
Gross income, adjusted gross income and taxable income defined; classes Section 2.
A Interest on governmental obligations excluded under section one hundred and three of the Code, other than interest from any such obligation issued by the commonwealth, any political subdivision thereof, or any agency or instrumentality of either of the foregoing, which is exempt from taxation under any provision of law.
G Amounts excluded under section one hundred and twenty-eight Taxation sections the Code. A Interest on obligations of the United States exempt from state income taxation to the extent included in federal gross income, and dividends received from a regulated investment company qualified under section eight hundred and fifty-one of the Federal Internal Revenue Code to the extent such dividends are attributable to interest on obligations of the United States exempt from state income taxation and are so identified in a written notice mailed to the shareholders of such regulated investment company not later than sixty days after the close of its tax year.
D Dividends received from a corporate trust subject to taxation under section 8, as in effect on December 31,to the extent that they are derived from earnings and profits previously taxed to the trust under said section 8, but only to the extent that the trust properly filed returns and paid all taxes due.
E Income from any contributory annuity, pension, endowment or retirement fund of the United States government or the commonwealth or any political subdivision Taxation sections including the optional retirement system established by section Taxation sections of chapter fifteen A, to which the employee has contributed, or any income received from the United States government as retirement pay for a retired member of the Uniformed Services of the United States, as defined in 10 U.
F Income from annuity, stock bonus, pension, profit-sharing, annuity or deferred-payment plans or contracts described in sections four hundred and three b or four hundred and four of the Code or individual retirement accounts, individual retirement annuities or retirement bonds described in sections four hundred and eight or four hundred and nine of the Code, until an aggregate amount of such income has been deducted under this subparagraph equal to the aggregate of all amounts previously subjected to taxation under this chapter; provided, that this subparagraph shall not apply to income from the optional retirement system established by section forty of chapter fifteen A.
G The commissioner of Taxation sections resources may approve United States patents, which have been issued to Massachusetts residents or applied for by Massachusetts residents as useful for energy conservation and related purposes or as useful for alternative energy development and related purposes, provided that such patents are determined by said commissioner to be of economic value, practicable, and necessary for the convenience and welfare of the Commonwealth and its citizens.
Any income received from the sale, lease or other transfer of a patent so approved by the commissioner of energy resources, including royalty income, and any income received from the sale, lease, or other transfer of tangible, intangible, personal or real property or materials manufactured in the Commonwealth subject to such patent shall be deducted.
Said deduction shall extend for a period no longer than 5 years from the date of issuance of the United States patent or the date of approval by the commissioner of energy resources, whichever first expires.
H Social security benefits included in federal gross income under section eighty-six of the Code. I Dividends received from a regulated investment company qualified under section eight hundred and fifty-one of the Federal Internal Revenue Code which are exempt interest dividends under section eight hundred and fifty-two of said Code but only to the extent of the portion of such exempt interest dividends directly attributable to interest from obligations issued by the commonwealth, any political subdivision thereof, or any agency or instrumentality of either of the foregoing, that is exempt from taxation under any provision of law, and provided that such portion is identified in a written notice mailed to the shareholders of such regulated investment company not later than sixty days after the close of its tax year.
J Dividends received from a regulated investment company qualified under section eight hundred and fifty-one of the code which are capital gain dividends under section eight hundred and fifty-two of said Code but only to the extent of the portion of such capital gain dividends attributable to gain from obligations issued by the commonwealth, any political subdivision thereof, or any agency of instrumentality of either of the foregoing, that is exempt from taxation under any provision of law, and provided such portion is identified in a written notice to the shareholders of such regulated investment company not later than sixty days after the close of its tax year.
K The following items, to the extent included in federal gross income: L Amounts, whether in a single sum or otherwise, paid by an employer by reason of the death of an employee who is a specified terrorist victim, as defined in section 25 of this chapter; provided, however, subject to such rules as the commissioner may prescribe from time to time, that this section shall not apply to i amounts which would have been payable after death if the individual had died other than as said specified terrorist victim; and ii incidental death benefits paid from a plan described in the provisions of section a of the Internal Revenue Code and exempt from tax under the provisions of section a of the Internal Revenue Code.
For purposes of this section, the term ''employee'' shall include a self-employed individual as defined under section c 1 of the Internal Revenue Code. M Any amount which, but for this section, would be included in gross income by reason of the discharge, in whole or in part, of indebtedness of any taxpayer if the discharge is by reason of the death of an individual incurred as the result of the terrorist attacks against the United States on September 11,or as the result of illness incurred as a result of an attack involving anthrax occurring on or after September 11,and before January 1, N Any amount received by an individual as a qualified disaster relief payment.
P Amounts received by an individual as disability income attributable to injuries incurred as a direct result of a terroristic or military action as defined in section c 2 of the Internal Revenue Code in effect for the current taxable year.
Q If an employee participates in an employer-provided health insurance plan, any amount which, but for this section, would be included in gross income of the employee by reason of coverage under the plan of any person other than the employee, to the extent such coverage is mandated by law.
A In the case of a distribution within the meaning of subsection d 3 of section A of the Code as amended and in effect for the taxable year, any amount included as income for federal tax purposes under said section A by reason of such distribution shall be included in gross income and, to the extent such distribution is included in adjusted gross income under subsection cshall be taken into account in determining taxable income under this chapter in the same manner as under subparagraph A of said subsection d 3 of said section A of said Code.
B Gain from the sale of a principal residence included in federal gross income under section of the Code in effect on January 1,but excluded from federal gross income under section of the Internal Revenue Code in effect for the taxable year, shall not be included in Massachusetts adjusted gross income.
Notwithstanding any other provision of this chapter, the amount of gain from the sale of a principal residence excluded from Massachusetts adjusted gross income shall not be less than the exclusion allowed under section of the Code in effect on January 1, C Effective on and after January 1,any contributions, including employer contributions, employee deferrals and rollover contributions, allocations under or distributions from stock bonus, pension, profit-sharing, annuity or deferred payment plans or contracts or employee stock ownership plans described in sections a, or of the Code, or simplified employee pensions under section k of the Code, shall be included in gross income of a taxpayer only to the extent includible in the taxpayer's gross income for federal income tax purposes under the Code.
A Interest and dividends from savings deposits, including term and time deposits having a principal amount of less than one hundred thousand dollars, savings accounts, share or share savings accounts in any savings or cooperative bank, trust company or credit union incorporated in or chartered by the commonwealth; in any national bank, federal savings and loan association, federal savings bank or federal credit union located in the commonwealth; in any banking company or Morris Plan company subject to chapter one hundred and seventy-two A; in any savings or loan association or banking partnership under the supervision of the commissioner of banks.Foreign Taxation and Section (e) () cedure.8 What the Service could not achieve in the court room it could achieve in Congress, and section was significantly revised as part of the Act in a manner consistent with the Service's objectives.
The NJSBA has 34 practice-oriented sections which represent a diverse spectrum of law, affording its members many career-building opportunities. Administrative Law Banking Law. CHAPTER TAXATION ARRANGEMENT OF SECTIONS PART I PRELIMINARY SECTION 1. Short title 2. Interpretation of certain general terms 3.
Commissioner of Taxes PART II ADMINISTRATION 4. Delegation of functions by Commissioner 5.
Report by Commissioner 6. Officers to observe secrecy 7. Forms 8. Service of documents. Association of American Law Schools Advancing Excellence in Legal Education 20th St NW Washington, DC Phone: () ; Fax: () Royalty income chargeable at % under sections 15(1)(a), (b) and (ba) Article 21 – Methods of elimination of double taxation a.
General principle Amount of tax credit available for set-off The amount of Hong Kong income tax paid by a Mainland resident is allowed as.
Taxation Section of the California Lawyers Association. likes. The Taxation Section is California's only statewide tax bar association.