63-FI: Financial Institution Excise Return (2025)
Massachusetts · Massachusetts DOR · Used for tax years 2025
Massachusetts Form 63-FI is the 2025 Financial Institution Excise Return. It reports income taxable in Massachusetts, calculates excise tax and credits, and determines the refund or balance due after payments. This return must be filed electronically; paper returns are not accept
What you'll need
Gather these documents and records for your 2025 return:
- An exact copy of all pages of your U.S. Form 1120, 1120S, 1120-REIT or other federal return, plus supporting schedules and forms that substantiate the Massachusetts excise. These must be included with the return.
- A completed pro forma U.S. Form 1120 if you file U.S. Form 1120S. Include it with the return.
- Detailed explanations of any changes or amendments to federal amounts.
- Records of prior-year overpayments applied to this year, Massachusetts estimated tax payments and extension payments.
- Corporation identification information, addresses, incorporation date, first date of business in Massachusetts, and Massachusetts and worldwide employee counts.
Include applicable supporting schedules, such as:
- The Credit Manager Schedule for credits and refundable credits.
- The Credit Recapture Schedule for credit recapture.
- Schedule 63-WH for corporate excise withheld.
- Schedules explaining other adjustments or exceptions to the interest and intangible expense add-back.
- A dividend schedule showing payers, amounts and the percentage of voting stock owned by class of stock.
How to file
File electronically. Paper versions of the 2025 Form 63-FI will not be accepted.
Include the required federal return copies and supporting schedules with your electronic return. The form includes a declaration to be signed by an appropriate officer.
For questions about electronic filing, call 617-887-6367. See the Massachusetts DOR electronic filing and payment requirements for more information.
Common mistakes
- Submitting a paper return. The form is e-file only, and paper returns will not be accepted.
- Leaving out federal return information. A return without the required federal information is incomplete and subject to assessment penalties. If you file U.S. Form 1120S, also include a pro forma U.S. Form 1120.
- Prorating the minimum excise. The form says the minimum excise cannot be prorated.
- Counting a prior-year overpayment twice. Do not include the amount from line 14 in estimated tax payments on line 15.
- Using line 17 on an original return. The payment-with-original-return line is only for amended returns.
- Using an alternative valuation method for rented property without approval. Prior written approval from the Commissioner of Revenue is required.
- Ignoring the whole-dollar reminder. Use the whole-dollar method for the excise tax calculation.
Questions people ask
What tax rates does the 2025 form show?
Financial institutions that are not S corporations multiply income taxable in Massachusetts by 9%. For S corporations, the form shows 2.67% when total receipts are at least $6 million but less than $9 million, and 4% when total receipts are $9 million or more.
When do I complete Schedule C?
Complete Schedule C, Business locations outside Massachusetts, only if the corporation has income from business activities that is taxable both in Massachusetts and in another state or states.
What happens if the receipts factor is missing?
Schedule E says the whole of the financial institution’s net income is taxable. Enter 1.0 on Schedule E, lines 4 and 5.
Can I apply an overpayment to next year?
Yes. Enter the amount to credit to next year on line 22. The amount to be refunded on line 23 is the total overpayment on line 21 minus line 22.