Massachusetts Form 668-B 2003-2024

Massachusetts Form 668-B: What You Should Know

Section 503 of the Internal Revenue Code defines taxable property as 'the sale, exchange and receipt by way of a security interest, by a creditor of a taxable person ․ of any property, other than (1) a security interest in a residential or agricultural dwelling, (2) a mortgage interest in a residential or agricultural dwelling, or (3) equity or profit in a real estate enterprise.' This definition covers not only common stock and units but also mortgages, credit bonds, and other non-conforming property. Section 513 explains that any real estate subject to the jurisdiction of a court, in which there is an order to repossess, or, if the taxpayer is a debtor upon whom foreclosure proceedings are pending, order the property subject to immediate possession, which immediately becomes the taxpayer's personal property. Vendors should read Section 514 to be sure they understand the impact of the sales. (d) Levy Proceeds. Under the Sales and Use Tax Act, any taxable sales proceeds from real estate (including sales and use taxes on real property) and any proceeds from the sale or other disposition of any property may be levied and held by the Commonwealth, and may be collected by the Attorney General. Notice of Levy — Mass.gov: Section 503 (a) (3): The attorney general shall, upon a complaint of any owner of property, or upon his own motion, determine whether there are grounds to levy property taxes, real. DOT & Other State Motor Vehicle Information Services Vessels, trucks, trailers and boats are all subject to fuel taxes regardless of whether the vehicle is a motor home, recreational vehicle, camper or recreational vehicle (RV). Vehicles with a gross vehicle weight rating (OVER) of 16,536 pounds or fewer (15,000 pounds or fewer for camper) are subject to fuel taxes. Vehicles with a OVER of 17,536 pounds or fewer (16,000 pounds or fewer for camper) are also subject to State Vehicle Toll Fees, which are a fee paid to the state that is generally collected annually to offset the value of the federal “Federal Excise Tax,” also known as “The Highway Trust Fund.” The state does not add the fee to the State's operating budget. A gross vehicle weight rating (OVER) is used to determine the size of a vehicle, how it is taxed and how it is transported.

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