Bill > H3269

This bill establishes a transferable tax credit for pediatric cancer research institutions located in Massachusetts, allowing these hospitals actively conducting pediatric cancer research to receive up to $10,000,000 in tax credits per fiscal year. The key innovation is that these tax credits can be fully transferred to other individuals or entities, who can then apply the credits against their own tax liability as if they had directly conducted the research. Research institutions can also carry forward any unused tax credits for up to three subsequent taxable years. A "pediatric cancer research institution" is specifically defined as a hospital within Massachusetts that is equipped for and actively conducting pediatric cancer research. The legislation will become effective for the tax year beginning on or after January 1, 2025, with a provision to repeal the section on January 1, 2033, suggesting this is intended as a time-limited incentive to support pediatric cancer research. The commissioner of revenue is authorized to create regulations to implement this tax credit program, providing flexibility in its administration.

Budget and Finance

https://malegislature.gov/Bills/194/H3269