HB 242-FN-A (2012): relative to the net operating loss carryover under the business profits tax.

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@misc{bill-2012-hb242, title = {HB 242-FN-A (2012): relative to the net operating loss carryover under the business profits tax.}, howpublished = {Granite Record}, url = {https://graniterecord.org/bill/2012/hb242}, note = {Accessed 24 Oct. 2026} }

HB 242-FN-A (2012)

relative to the net operating loss carryover under the business profits tax.

  • Status: Signed into law
  • Term: 2011-2012
  • House committee: Ways and Means
  • Senate committee: Ways and Means
  • Subject: Taxes - State
  • Chapter law: 71

The Story

It was introduced on January 6, 2011 and referred to the House Ways and Means committee. The committee held a public hearing on February 10, 2011. The committee met in executive session on February 24, 2011 to vote on its recommendation. The committee retained the bill, holding it for further work rather than reporting it out this year. The committee held work sessions on June 7, 2011, August 18, 2011, September 1, 2011 and September 8, 2011. The committee met in executive session on October 26, 2011 and October 27, 2011. The committee voted 16–5 to recommend that the House pass it with changes (amendment 2568h), and the report was placed on the regular calendar. The committee's amendment (2568h) was adopted on a voice vote on January 11, 2012, changing the text of the bill. On January 11, 2012 the House voted to pass it with changes on a roll call 259–89. It crossed to the Senate on February 8, 2012 and was referred to the Senate Ways and Means committee. The committee held a public hearing on March 20, 2012. The committee recommended that the Senate pass it. On April 25, 2012 the Senate voted to pass it on a roll call 23–0, then referred it on to the Senate Finance committee. The committee recommended that the Senate pass it. On May 2, 2012 the Senate voted to pass it on a voice vote and ordered it to a third reading. The bill was enrolled on May 15, 2012 — the final check of the text before it goes to the governor. The governor signed it on May 23, 2012, making it Chapter 71 of the session laws.

Sponsors

Hearings and Sessions

  • February 10, 2011, 11:00 AM: public hearing, House Ways and Means, LOB 202
  • February 24, 2011, 12:30 PM: executive session, House Ways and Means, LOB 202
  • June 7, 2011, 10:00 AM: full committee work session, House Ways and Means, LOB 202
  • August 18, 2011, 10:00 AM: subcommittee work session, House Ways and Means, LOB 202
  • September 1, 2011, 10:00 AM: subcommittee work session, House Ways and Means, LOB 202
  • September 8, 2011, 10:30 AM: subcommittee work session, House Ways and Means, LOB 202
  • October 26, 2011, 1:00 PM: executive session, House Ways and Means, LOB 202
  • October 27, 2011, 1:00 PM: executive session, House Ways and Means, LOB 202
  • March 20, 2012, 1:00 PM: hearing, Senate Ways and Means, SH 100

Votes

  • January 11, 2012, House: OTP/AM 2568H(NT) — yeas 259, nays 89, passed
  • April 25, 2012, Senate: Ought to Pass — yeas 23, nays 0, passed
  • May 2, 2012, Senate: Ought to Pass — voice vote, passed

The Docket

  • January 6, 2011: Introduced 1/6/2011 and Referred to Ways and Means
  • February 10, 2011: Public Hearing: 2/10/2011 11:00 AM LOB 202
  • February 24, 2011: Executive Session: 2/24/2011 12:30 PM LOB 202
  • February 24, 2011: Retained in Committee
  • June 7, 2011: Retained Bill - Full Committee Work Session: 6/7/2011 10:00 AM LOB 202
  • August 18, 2011: Retained Bill - Subcommittee Work Session: 8/18/2011 10:00 AM LOB 202
  • September 1, 2011: Retained Bill - Subcommittee Work Session: 9/1/2011 10:00 AM LOB 202
  • September 8, 2011: Retained Bill - Subcommittee Work Session: 9/8/2011 10:30 AM LOB 202
  • October 26, 2011: Retained Bill - Executive Session: 10/26/2011 1:00 PM LOB 202
  • October 27, 2011: Retained Bill - Rescheduled Executive Session 10/27/2011 1:00 PM LOB 202
  • November 2, 2011: Committee Report: Ought to Pass with Amendment #2568h(NT) for Jan 4 (Vote 16-5; RC)
  • November 2, 2011: Proposed Committee Amendment #2011-2568h (New Title)
  • January 11, 2012: Amendment #2568h(NT) Adopted, VV
  • January 11, 2012: Ought to Pass with Amendment #2568h(NT): MA RC 259-89
  • February 8, 2012: Introduced and Referred to Ways & Means
  • March 20, 2012: Hearing: 3/20/12, Room 100, SH, 1:00 p.m.; SC11
  • April 18, 2012: Committee Report: Ought to Pass, 4/25/12; SC16
  • April 25, 2012: Ought to Pass: RC 23Y-0N, MA; Refer to Finance Rule 4-3
  • April 26, 2012: Committee Report: Ought to Pass, 5/2/12; SC17
  • May 2, 2012: Ought to Pass: MA, VV; OT3rdg
  • May 9, 2012: Enrolled
  • May 15, 2012: Enrolled
  • May 23, 2012: Signed By Governor 05/23/2012; Effective 05/23/2012; Chapter 0071

Laws It Would Change

From the General Court