Bill > H502

This bill modifies existing Massachusetts law to add a new requirement for businesses receiving economic development incentive program (EDIP) grants. Specifically, it mandates that any business (including corporations, sole proprietorships, limited liability companies, or partnerships) that receives EDIP funding must agree to remain in Massachusetts for at least 20 years, or else they will be required to forfeit or refund the credits or grants they received. The only exception to this requirement is if the business declares bankruptcy under U.S. bankruptcy code. The Massachusetts Attorney General's office is tasked with creating regulations to enforce this new provision. This bill aims to ensure that businesses receiving state economic development grants provide long-term economic benefits to the commonwealth by maintaining their presence in the state, and it creates a financial disincentive for businesses that might otherwise relocate shortly after receiving state funding.

Business and Industry

https://malegislature.gov/Bills/194/H502