Massachusetts Taxation of Ships and Vessels

Taxation of Ships and Vessels
Form 355SV
CAUTION:
This tax return must
be filed electronically.
Paper versions of this return
will not be accepted.
If you have questions about filing electronically,
contact us at 617-887-6367.
See https://www.mass.gov/info-details/dor-e-filing-and-paymentrequirements for further information about our electronic filing and
payment requirements.

Massachusetts Department of Revenue

Form 355SV
Taxation of Ships and Vessels
For calendar year 2023 or taxable period beginning

2023

2023 and ending

Name of corporation 	

Federal Identification number 	

Phone number

Mailing address 	

City/Town 	

State	

Zip

Fill in if:

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●

Amended return (see “Amended Return” in instructions)

Final return

Ship or Vessel Excise Computation. See instructions.
State value of the corporation’s interest in all ships or vessels engaged in interstate or foreign carrying trade or engaged exclusively in fishing, and
documented and carrying papers under U.S. law during the period of its business in the year preceding the last day of its taxable year.
b. 		
Pct. of ownership 	
of reporting corporation

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d.

c. 	
Value of interest

d. Accumulated depreciation (cannot exceed
value of interest)

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d

1	Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

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a. 	
Registered name
of ship or vessel 	

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2	 Total value of interest in all ships or vessels (from line 1, col. c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2	

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3	 Total accumulated depreciation in all ships or vessels (from line 1, col. d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3	
4	 Subtract line 3 from line 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4	

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Declaration

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5	 Tax. Multiply line 4 by .0033333 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5	

Signature of president 	
Signature of treasurer	

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We, the undersigned president and treasurer of the above-named corporation, each for himself states under the penalties of perjury that to
the best of his knowledge and belief, the items of value as above set forth are true and accurate in every particular.
Date
Date

Form 355SV Instructions
2023 Massachusetts Tax Changes

year, as defined in MGL ch 63, § 30.6, an excise tax upon the interest
of every corporation organized under the laws of the Commonwealth of
Massachusetts and having a place of business therein, in any ship or
vessel which has, during the period of its business in the year preceding
such day, been engaged in interstate or foreign carrying trade or engaged
exclusively in fishing and documented and carrying papers under U.S.
law, which tax shall be one-third of one percent upon the value of such
interest as determined by him. If the Commissioner is satisfied of the
truth of the return filed pursuant to MGL ch 62C, § 12, he shall deduct
said value from the value of its corporate franchise, if it is taxable under
MGL ch 63, § 58.

Filing due dates

Massachusetts General Laws (MGL) 62C, §§ 11 and 12 require C corporations to file their tax returns on or before the 15th day of the fourth
month following the close of each taxable year. The filing due date for S
corporation tax returns is the 15th day of the third month following the
close of each taxable year. For more information, see Technical Information Release (TIR) 17-5.
For calendar year filers, April 15, 2024, when 2023 returns and payments
would normally be due, is Patriot’s Day, a legal holiday in the Commonwealth which extends the filing due date to the next business day. As a
result, returns, payments made with returns, and estimated payments
otherwise due on April 15, 2024, will be treated as timely if they are filed
and/or paid on or before April 16, 2024.

Corporations subject to the ship and vessel excise tax must file Form
355SV, together with payment in full of tax due, on or before the 15th day
of the fourth month after the close of the taxable year. See Filing due
dates for 2023 return and payment dates.

Line Instructions

Expansion of Mandatory Electronic Filing for
Corporate Excise Returns

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Ship or Vessel Excise Computation

The taxpayer must report the value of the corporation’s interest in all
ships or vessels engaged in interstate or foreign carrying trade, or engaged exclusively in fishing, and documented and carrying papers under
U.S. law during the period of its business in the year preceding the last
day of its taxable year.

Revisions to Form 355SV

Column c

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Value of interest, in U.S. dollars.

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Column d

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Accumulated depreciation on such ship or vessel. Column d must be
reported as a positive amount and must not exceed the value of interest.

Ship and Vessel Excise Tax

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Form 355SV allows for entry of multiple ships and vessels on a single
form. The taxpayer will enter data for multiple ships or vessels, from
which the total value of interest in all ships or vessels and the total tax
due will be calculated.

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Effective for tax periods ending on or after De­cember 31, 2021, electronic
filing and payment of tax will be required of all business corporations and
financial institutions subject to tax under MGL ch 63, with no income
threshold. For more information, see TIR 21-9: Expansion of Certain
Electronic Filing and Payment Requirements.

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Massachusetts business corporations holding an interest in ships or vessels engaged in interstate or foreign carrying trade, or engaged exclusively in fishing, and documented and carrying papers under U.S. law are
subject to the special ship and vessel excise tax measured by the value
of such interest pursuant to MGL ch 63, § 67.

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The Commissioner shall annually assess as of the last day of the taxable