Massachusetts General Laws ch. 63 sec. 38J – Qualified research contribution deduction
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Section 38J. In determining the net income subject to tax under this chapter, a business corporation may deduct, in addition to any other allowable deduction under this chapter, an amount equal to twenty-five per cent of the allowable deduction for any qualified research contribution, as defined in section one hundred and seventy (e)(4) of the Federal Internal Revenue Code as amended and in effect for the taxable year, to an educational organization, as therein defined, located in the commonwealth.
Terms Used In Massachusetts General Laws ch. 63 sec. 38J
- 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.