Mass. Gen. Laws » Part I Title IX Chapter 63
Massachusetts General Laws

Mass. Gen. Laws ch. 63, § 32C (2026)

Maximum amount of credits; carryover

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Section 32C. Notwithstanding the provisions of sections thirty-one A and thirty-eight E and section eleven of chapter seven hundred and fifty-two of the acts of nineteen hundred and seventy-three, the maximum amount of credits, otherwise allowable in any one taxable year to a corporation, shall not exceed fifty per cent of its excise imposed by section thirty-nine. Any corporation may carry over and apply to its excise for any subsequent taxable year the portion of those credits, as reduced from year to year, which were not allowed by this section.

Notes of Decisions
Cited in 2 cases, 1995–2009 · leading case: Comm'r of Revenue v. Gillette Co., 907 N.E.2d 629 (Mass. 2009).
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Comm'r of Revenue v. Gillette Co., 907 N.E.2d 629 (Mass. 2009). “On its own return, Gillette USA applied these ITCs to its excise tax liability for 1998 to the extent permitted by G. L. c. 63, § 32C. Gillette reported the tax attributable to Gillette USA’s net income on the combined tax return.”
Ainslie Corp. v. Comm'r of Revenue, 647 N.E.2d 1221 (Mass. App. Ct. 1995). “Under G. L. c. 63, § 32C, a taxpayer may not take credits in an amount more than fifty percent of the tax computed as due, before the application of credits.”
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