Manufacturers & Distributors ARTICLE -

Massachusetts Manufacturing Classification

 

Each year at this time, most businesses owning and using personal property on January 1st are required to file a Form of List before March 1st with the board of assessors in the city or town where the personal property is located.

All tangible personal property situated in Massachusetts is taxable unless expressly exempt. A Corporation’s manufacturing equipment is exempt from personal property assessment as long as the Corporation has been classified as a Manufacturing Corporation by the Massachusetts Department of Revenue.

In order to receive this manufacturing classification for 2010, the Corporation must apply for manufacturing classification with the Department of Revenue on Form 355Q (Statement Relating to Manufacturing Activities) on or before January 31, 2010.

Applications sent after January 31 will be reviewed for classification for 2011. If your Corporation is not currently deemed a Manufacturing Corporation by the Massachusetts Department of Revenue, please contact us for assistance in determining whether you could qualify and on preparing Form 355Q. Although this classification does not have an expiration date, a Corporation does need to re-apply if it had a name change, if it goes through a reorganization, or if its business activities change. Please click on this link to view Form 355Q.


Real Estate Tax Abatement

You have until January 31, 2010 to dispute your property value assessment which will be used in your fiscal 2011 property tax assessment. (The real estate tax year in Massachusetts is from July 1, 2010 to June 30, 2011.) You need to contact your local tax assessor’s office for specific instructions.

All tangible personal property situated in Massachusetts is taxable unless expressly exempt. Feeley & Driscoll, email us or call 1 (888) 875-9770, can help you review the manufacturing equipment classification qualifying for exemption.

related links

M&D Newsletters & Articles 

Tax Services

Audit Assurance and Accounting

Industries

Tax and Business Updates

 

Contact Us

First Name:
Last Name:
Company:
Address:
City:
State: Zip:
Phone:
Email:
Your Question / Comments:

Call Us

(888) 875-9770 - RI, MA, NH Accounting