An Act granting an income tax exemption for new manufacturing corporations
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill proposes to provide a temporary income tax exemption for newly established manufacturing corporations in Massachusetts. The exemption would apply for the first five years of operation, aiming to encourage investment and growth in the manufacturing sector. The bill was referred to the Revenue Committee and subsequently heard, with a reporting date extended multiple times. It is similar to previous legislation concerning manufacturing corporations and tax credits.
Key provisions
- Provides an income tax exemption for new manufacturing corporations.
- The exemption applies for the first five years of operation.
- The bill was introduced by Representative Michael J. Soter.
- It is related to previous legislation concerning manufacturing corporations.
- The bill was referred to the Revenue Committee.
- A hearing was scheduled and later rescheduled.
- The reporting date was extended multiple times.
Who is affected
- New manufacturing corporations
- The Massachusetts state government (through tax revenue)
- Investors in manufacturing companies
Notable changes
- This bill introduces a new tax exemption specifically for newly formed manufacturing businesses.
- It builds upon previous legislation related to manufacturing taxation in Massachusetts.
Bill text
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Sponsors
Official sponsors from legislative records.
4 on record
Primary sponsor
Michael J. Soter
Cosponsors
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