An Act to close corporate tax loopholes and create progressive revenue

This bill modifies Massachusetts corporate tax laws to increase revenue by changing how certain foreign income is treated. It requires companies to pay taxes on specific foreign earnings that are currently excluded from state taxation, while exempting a different category of foreign income from these new rules. Additionally, the legislation adjusts how corporations calculate their taxable income by removing specific federal deductions that were previously allowed. These changes apply to tax years starting on or after January 1, 2023, directly impacting businesses operating within the state.