Business Services Industry
New Bedford, R.I.-Based Bank Company Loses $3 Million in First Quarter 2003.
Knight Ridder/Tribune Business News, April, 2003
By David McPherson, Providence Journal, R.I. Knight Ridder/Tribune Business News
Apr. 26--A change in Massachusetts tax law caused Seacoast Financial Services Corp., the New Bedford-based parent of CompassBank, to post a $3-million loss in the first quarter.
In March, Governor Romney signed legislation eliminating a tax deduction on dividends paid to Massachusetts banks by real-estate investment trust subsidiaries. The change was retroactive to 1999, costing Seacoast $11.2 million in taxes.
Seacoast is supporting a banking-industry challenge to the retroactive nature of the law. Romney has argued that the banks exploited a tax loophole, costing the state millions of dollars.
Seacoast's net loss of $3 million, or 13 cents per...
Most Recent Business Articles
- Multiple criteria evaluation and optimization of transportation systems
- Multi-criteria analysis procedure for sustainable mobility evaluation in urban areas
- A two-leveled multi-objective symbiotic evolutionary algorithm for the hub and spoke location problem
- Multi-criteria analysis for evaluating the impacts of intelligent speed adaptation
- The development of Taiwan arterial traffic-adaptive signal control system and its field test: a Taiwan experience
Most Recent Business Publications
Most Popular Business Articles
- 7 tips for effective listening: productive listening does not occur naturally. It requires hard work and practice - Back To Basics - effective listening is a crucial skill for internal auditors
- FAS 109: a primer for non-accountants - Financial Accounting Standards Board's "Statement 109: Accounting for Income Taxes"
- LIFO vs. FIFO: a return to the basics
- Too Young to Rent a Car? - 25-years-old the minimum age for car renting - Brief Article
- Design a commission plan that drives sales - Sales Commissions
