An Act relative to economic development tax credits
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
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
Bill text
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Sponsors
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2 on record
Primary sponsor
Cosponsor
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