An Act granting an income tax exemption for new manufacturing corporations
Take action
Record your position on this measure.
Create an account to record your position, submit testimony, or contact your legislator.
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 job creation within the manufacturing sector. The bill was referred to the Revenue committee and subsequently heard, with a reporting date extended.
Key provisions
- Provides an income tax exemption for new manufacturing corporations.
- The exemption applies for the first five years of operation.
- The bill was referred to the Revenue committee.
- A hearing was scheduled and later rescheduled.
- The reporting date for the bill has been extended.
- The bill is accompanied by a study order (H5313).
- Similar legislation has been proposed in the past.
- The bill was sponsored by Michael J. Soter and Joseph D. McKenna.
Who is affected
- New manufacturing corporations
- The Massachusetts state government (through tax revenue)
- Investors in manufacturing companies
- Potential employees of new manufacturing companies
Notable changes
- Offers a five-year period of income tax exemption.
- Builds upon previous legislation related to manufacturing corporations.
Bill text
Read the latest version inline or switch to a previous version.
Text extraction is in progress. View the official source.
Sponsors
Official sponsors from legislative records.
4 on record
Primary sponsor
Michael J. Soter
Cosponsors
Arguments
Reasons offered for and against this legislation.
Arguments in favor
No arguments in favor have been submitted.
Submit yoursArguments opposed
No arguments opposed have been submitted.
Submit yours