355SV: Taxation of Ships and Vessels (2025)
Massachusetts · Massachusetts DOR · Used for tax years 2025
Massachusetts Form 355SV reports a corporation’s ownership interests in ships and vessels, their value, and accumulated depreciation to calculate the ship and vessel excise tax. The form must be filed electronically; paper returns are not accepted.
Who files this form
Corporations subject to Massachusetts ship and vessel excise tax must file Form 355SV.
The text describes corporations organized under Massachusetts law and having a place of business in Massachusetts that hold an interest in qualifying ships or vessels. The ships or vessels must:
- Be engaged in interstate or foreign carrying trade, or exclusively in fishing.
- Be documented and carry papers under U.S. law.
The qualifying activity is measured during the corporation’s business period in the year preceding the last day of its taxable year.
When it's due
For tax year 2025, Form 355SV and full payment of the tax due are required by the 15th day of the fourth month after the close of the taxable year.
For calendar-year 2025 filers, the text states that returns and estimated payments will be treated as timely if filed and/or paid on or before April 15, 2026.
What you'll need
Have the following information ready to complete the return:
- Corporation name, Federal Identification number, phone number and mailing address.
- Taxable period.
- Each qualifying ship’s or vessel’s registered name.
- The corporation’s percentage of ownership and value of its interest in U.S. dollars.
- Accumulated depreciation for each ship or vessel.
The form includes a declaration with signature and date fields for both the president and treasurer.
For an amended return, attach a statement explaining why you are amending the return, including the basis for the amendment. Any schedules or supporting documents filed with the return must be submitted electronically.
How to file
File electronically. Paper returns will not be accepted. Any schedules or supporting documents submitted with the return must also be electronic.
Amended returns and requests for abatement relating to the return must be filed electronically as well. Non-electronic submissions will not be considered timely filed returns.
For questions about electronic filing, call 617-887-6367. See the Massachusetts DOR electronic filing and payment requirements for more information.
Common mistakes
- Sending a paper return: Form 355SV is e-file only. Paper returns are not accepted.
- Entering depreciation incorrectly: Column d must be a positive amount and cannot exceed the value of the corporation’s interest.
- Leaving out the amended-return explanation: An amended return must include a statement explaining the reason and basis for the amendment.
- Not marking a corrected return as amended: When changing a line item, complete the return with corrected information and fill in the Amended Return oval.
Questions people ask
Can I report more than one ship or vessel on this form?
Yes. Form 355SV allows multiple ships or vessels on a single form.
How does the form calculate the tax?
Enter total value of interest on line 2 and total accumulated depreciation on line 3. Subtract line 3 from line 2, then multiply the result by .0033333 to calculate the tax on line 5.
Who signs the declaration?
The form has signature fields for the corporation’s president and treasurer. Each declares under penalties of perjury that, to the best of their knowledge and belief, the reported values are true and accurate.
Can an amended return increase or decrease my tax?
Yes. An amended return can either increase or decrease the tax. Complete the corrected return, mark the Amended Return oval, attach the required explanation and file electronically.