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North Carolina-based BofA should pay Massachusetts $2.2M tax, state court rules

The Massachusetts Supreme Judicial Court ruled July 11 that — which is headquarteredin Charlotte, N.C. — is considered an inhabitant of Massachusetts and should paya tax of $2.2 million for its nearly three dozen trusts, the Boston Business Journal reported.

The court, upholding the Massachusetts Appellate Tax Board'sdecision, reasoned that it considered BofA to be domiciled in the state becausecorporate trustees can be taxed as residents of the state if they operate an officein the state for at least half of the year and carry out administrative activitiesin the state for the trusts in question, according to the report.

The American Bankers Association and Massachusetts Bankers Associationpreviously expressed support for BofA, the report added.