Section 29

Section 29 Surtax Implementation 5

Subsection (a) of section 5A of said chapter 62, as so appearing, is hereby amended by striking out the first sentence and inserting in place thereof the following 3 sentences:- The amount of Part A taxable income, Part B taxable income and Part C taxable income of any nonresident of the commonwealth derived from the Massachusetts gross income of such person shall be taxed in accordance with section 4. Where the sum of Part A taxable income, Part B taxable income and Part C taxable income exceeds $1,000,000 in a taxable year, the portion of such taxable income exceeding $1,000,000 shall be taxed in accordance with paragraph (d) of said section 4. In determining such sum, any negative amount or loss in any Part of taxable income may not be applied to reduce income in any other Part or otherwise be applied to reduce such sum. The commissioner may promulgate regulations or issue other guidance as necessary or appropriate to implement this subsection.