Bill > S2076

This bill proposes to amend Massachusetts General Laws Chapter 62 to create a new tax credit program designed to help employers recruit and retain employees. Specifically, employers can receive a tax credit of up to 30% for eligible expenses related to supporting employees, including costs for education, skills training, transportation, housing, tools, or equipment. The credit has several key limitations: the total statewide credit amount is capped at $50 million, and no single employer can claim credits for more than 3 employees. To qualify, employers must certify that each employee for whom they claim the credit will remain in their position for at least 24 months; if an employee leaves before this period, the employer must repay the credit. The tax credit provision is temporary, set to expire after five years unless extended or modified by future legislative action. This bill aims to help businesses invest in their workforce by providing financial incentives for supporting employee development and retention.

Budget and Finance

https://malegislature.gov/Bills/194/S2076