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MA - New PP Filing Requirements

by Terry Blackwell, Atlanta, February 2013

 

Businesses that are registered as corporations in the State of Massachusetts are entitled to certain exemptions on their personal property taxes. To ensure that the Department of Revenue's Corporations Book is complete and accurate, new filing requirements are being put in place.

 

Beginning this year, any entity seeking to be included in the book must file an Annual Certification of Entity Tax Status.

 

Who Should File?

 

Existing and recently formed companies, classified as corporations for federal and Massachusetts tax purposes, must file if they have personal property in a Massachusetts city or town. Filing ensures that they will be eligible for specific local property tax exemptions as a corporation.

 

Businesses that are no longer treated as corporations but were listed in the prior year's Corporations Book must also file.

 

How Do I File?

 

File electronically using the Department of Revenue's WebFile for business applications at
this link.

 

When Do I File?

 

File before the April 1st deadline to be included on the list for Fiscal Year 2014 that begins on
July 1, 2013.

 

Must I also File a Local Return?

 

Yes. Most corporations are still liable for local personal property taxes on underground and aerial assets and certain machinery. If liable for local property taxes, your company has a legal obligation to file a return on taxable assets.