Massachusetts Department of Revenue
                                                           Form 355SV

                                         Taxation of Ships and Vessels                                                                                                                                   2020
For calendar year 2020 or taxable period beginning                                                                                         2020 and ending
Name of corporation                                                                                        Federal Identification number                                 Phone number

Mailing address                                                                                                City/Town                                                               State  Zip

Fill in if:
 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 docu-
mented and carrying papers under U.S. law during the period of its business in the year preceding the last day of its taxable year.
                       a.                                      b.                                                                                                                                d. Accumulated depre-
                       Registered name                     Pct. of ownership                                                               c.                                                    ciation (cannot exceed 
                       of ship or vessel           of reporting corporation                                                                Value of interest                                     value of interest)

1  Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
2  Total value of interest in all ships or vessels (from line 1, col. c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
3  Total accumulated depreciation in all ships or vessels (from line 1, col. d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
4  Subtract line 3 from line 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
5  Tax. Multiply line 4 by .0033333. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                   5

Declaration
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.
Signature of president                                     Date

Signature of treasurer                                     Date

                          Schedule 355SV Instructions

2020 Massachusetts Tax Change                                                  Line Instructions
Filing due dates                                                               Ship or Vessel Excise Computation
Beginning  with  tax  returns  due  on  or  after  January  1,  2018,  Mass-   The taxpayer must report the value of the corporation’s interest in all
achusetts General Laws (MGL) ch 62C, §§ 11 and 12 require C cor-               ships or vessels engaged in interstate or foreign carrying trade, or en-
porations to file their tax returns on or before the 15th day of the fourth    gaged  exclusively  in  fishing,  and  documented  and  carrying  papers
month following the close of each taxable year (April 15 in the case of        under U.S. law during the period of its business in the year preceding
corporations filing on a calendar year basis). The law did not change          the last day of its taxable year.
the  filing  due  date  for  S  corporation  tax  returns,  which  remains  the
15th day of the third month following the close of each taxable year.          Column c
See TIR 17-5.                                                                  Value of interest, in U.S. dollars.
For calendar year filers, returns are due Wednesday, April 15, 2020.           Column d
                                                                               Accumulated depreciation on such ship or vessel. Column d must be
Enter Multiple Ships or Vessels on Single Form                                 reported  as  a  positive  amount  and  must  not  exceed  the  value  of
Form 355SV allows for entry of multiple ships and vessels on a single            interest.
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. 
Ship and Vessel Excise Tax
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 mea-
sured by the value of such interest pursuant to MGL ch 63, § 67:
The Commissioner shall annually assess as of the last day of the tax-
able year, as defined in MGL ch 63, § 30.6, an excise tax upon the in-
terest  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 busi-
ness in the year preceding such day, been engaged in interstate or
foreign  carrying  trade  or  engaged  exclusively  in  fishing  and  docu-
mented 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 pur-
suant 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.
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.