S2042
An Act relative to economic development tax credits
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- Passed Senate
- Passed House
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Bill overview
This bill proposes to create economic development tax credits designed to encourage investment and job creation in Massachusetts. It aims to incentivize businesses and organizations to undertake projects that benefit the state’s economy, particularly in designated areas. The bill seeks to provide financial incentives to support economic growth and development across various sectors. Specifically, it outlines the criteria and procedures for claiming these tax credits.
Key provisions
- Establishes economic development tax credits for qualifying investments.
- Defines eligible projects and activities that qualify for the credits.
- Specifies criteria for determining the amount of the tax credits.
- Outlines the process for businesses to apply for and receive the credits.
- Designates specific areas within Massachusetts that may be prioritized for investment.
- Creates a process for the Department of Revenue to administer the tax credits.
- Provides for the tracking and reporting of credits issued.
- Establishes a sunset provision, requiring periodic review of the program.
Who is affected
- Businesses
- Developers
- Investors
- The Commonwealth of Massachusetts
- Economic Development Organizations
Sponsors
Official sponsors from legislative records.
Primary sponsor
Mark C. Montigny
Cosponsor
Mark C. Montigny
Arguments in favor
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Bill S.2042 194th (Current)
An Act relative to economic development tax credits
By Mr. Montigny, a petition (accompanied by bill, Senate, No. 2042) of Mark C. Montigny for legislation relative to economic development tax credits. Revenue.
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Bill Information
Bill Information
Presenter: Mark C. Montigny Status: Referred to Joint Committee on Revenue
Tabs
Bill History Petitioners Primary Sponsor Summary
Bill History
Displaying 4 actions for Bill S.2042
| Date | Branch | Action |
| 2/27/2025 | Senate | Referred to the committee on Revenue |
| 2/27/2025 | House | House concurred |
| 10/21/2025 | Joint | Hearing scheduled for 10/28/2025 from 01:00 PM-05:00 PM in B-2 |
| 4/1/2026 | Senate | Reporting date extended to Thursday June 25, 2026 |
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