Bill > S1935

This bill proposes to create a "super research and development tax credit" for businesses in Massachusetts. The key provisions of the bill include: 1. Allowing businesses that qualify for the existing research expense tax credit to claim an additional credit equal to the excess of their qualified research expenses over a "super credit base amount" (defined as the average of their research expenses in the previous 5 years, increased by 50%). 2. Limiting the new credit to 50% of the business's tax due after other credits are applied. 3. Allowing businesses to carry over and apply any unused portion of the new credit for up to 5 subsequent tax years, but not exceeding 50% of the tax due in any single year. 4. Prohibiting the use of the new credit from reducing the business's tax liability below the amount owed in the previous year. 5. For businesses filing combined returns, allowing the credit generated by one member to be applied against the tax due of another member, subject to the limitations. The bill aims to incentivize and support increased research and development activities within Massachusetts.

Budget and Finance

https://malegislature.gov/Bills/193/S1935