MA S1876

Bill

MA S1876

Promoting rural jobs

Introduced
03/29/2021

In Committee
03/10/2022

Crossed Over

Passed

Dead
12/31/2022

Introduced Session

192nd General Court

Bill Summary

For legislation to establish the Massachusetts rural jobs act. Revenue.

AI Summary

This bill establishes the Massachusetts Rural Jobs Act. It creates a tax credit program to attract capital investment to businesses in rural areas of the Commonwealth in order to promote job retention and creation. Key provisions include: - The Massachusetts Office of Business Development (MOBD) will accept applications from and certify "rural growth funds" that must invest at least 60% of their investment authority in rural businesses with less than 250 employees and $10 million in revenue. - Taxpayers who make eligible capital contributions to these certified rural growth funds can claim a non-refundable tax credit of up to 25% of their contribution over 4 years. - The rural growth funds must invest 100% of their investment authority in rural businesses within 2 years and maintain those investments until the 6th anniversary of their certification. - The MOBD can revoke tax credits if the rural growth funds do not meet investment requirements, and the state can receive a percentage of distributions to the rural growth funds' equity holders based on the number of jobs created or retained compared to their projections.

Committee Categories

Budget and Finance

Sponsors (2)

Adam Hinds (D)*, Jo Comerford (D),

Last Action

Bill reported favorably by committee and referred to the committee on Senate Ways and Means (on 03/10/2022)

Official Document

https://malegislature.gov/Bills/192/S1876

(13 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://malegislature.gov/Bills/192/S1876
Bill	https://malegislature.gov/Bills/192/S1876.pdf

Bill	Bill Name	Last Action	Type
H1150	Reducing the costs for small business	No further action taken	Similar To
H2830	Establishing the Massachusetts rural jobs act	No further action taken	Similar To
H300	Encouraging the growth of small businesses	No further action taken	Similar To
H3138	Relative to the fair participation of minority and women-owned businesses on public construction projects	No further action taken	Similar To
H346	Allowing businesses to sign up for the "Do Not Call" list	Accompanied a study order, see H4880	Similar To
H5421	Relative to licensure simplification	Signed by the Governor, Chapter 415 of the Acts of 2022	Similar To
S153	Encouraging the growth of small businesses	Bill reported favorably by committee and referred to the committee on Senate Rules	Similar To
S1919	Relative to real estate tax abatements to help businesses impacted by the Phase IV reopening plan	Accompanied a study order, see H5250	Similar To
S2051	Reducing the costs for small businesses	Accompanied H3121	Similar To
S2165	Increasing solar rooftop energy	Accompanied a study order, see S2715	Similar To
S229	Allowing businesses to sign up for the "Do Not Call" list	Accompanied a study order, see S2666	Similar To
S2536	Relative to small businesses and the sale of certain cultural products	Bill reported favorably by committee and referred to the committee on Senate Ways and Means	Similar To
S268	To provide startup capital for minority entrepreneurs	Bill reported favorably by committee and referred to the committee on Senate Ways and Means	Similar To

Bill > S1876

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (2)

Last Action

Official Document

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