Section 35 Security Corporations 2 and Investments in MA Opportunity Zones 2

Paragraph 3 of section 30 of said chapter 63 of the General Laws, as so appearing, is hereby further amended by striking out the definition of "Gross income" and inserting in place thereof the following definition:-
"Gross income", gross income as defined under the provisions of the Federal Internal Revenue Code, as amended and in effect for the taxable year, plus the interest from bonds, notes and evidences of indebtedness of any state, including this commonwealth; provided, however, that for purposes of applying section 1400Z-2 of the Code, the term "qualified opportunity zone" shall mean "an area located in Massachusetts that is designated as a qualified opportunity zone under said section 1400Z-2."

This section, together with related sections, updates the tax treatment of security corporations and limits certain state tax benefits to investments made only in federally-designated opportunity zones that are located in Massachusetts.