Massachusetts DOR Issues Technical Information Release on Financial Institutions Eligibility for Research Tax Credit

The Massachusetts Department of Revenue (DOR) issued a technical information release (TIR) clarifying that financial institutions, including State Street Corporation, are eligible to claim the Massachusetts research tax credit under M.G.L. c. 63, § 38M. The TIR follows a recent Appellate Tax Board decision, which upheld the eligibility of financial institutions for the credit. Additionally, the Department will allow financial institutions to use the alternative simplified method for claiming the credit on amended returns, despite prior regulatory restrictions. [Mass. Dep’t of Revenue, Tech. Info. Release TIR 25-3, 05/09/25]

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