[Text of section effective for tax years beginning after January 1, 2019. See 2018, 228, Sec. 72.]

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Terms Used In Massachusetts General Laws ch. 63 sec. 38O

• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.

Section 38O. A corporation whose excise under this chapter is based on net income may, in determining such net income, deduct an amount equal to 10 per cent of the cost of renovating an abandoned building that is part of a certified project designated under section 3A of chapter 23A.