Commissioner of Revenue v. BayBank Middlesex

In this case, the Appellate Tax Board (board) consolidated 102 appeals and granted to a number of Massachusetts and national banks (banks) abatements totalling $2,688,188.66 from assessments of the bank excise tax, G. L. c. 63, §§ 1 et seq. (1994 ed.), for tax years 1984 through *7371990. The Commissioner of Revenue (commissioner) appealed. We granted the banks’ application for direct appellate review. We affirm the decision of the board.

The material facts are not in dispute and are these. The General Court’s definition of “net income” in the bank excise tax reads in relevant part:

“ ‘Net…