Bill > H3248

This bill proposes a new tax exemption for manufacturing corporations that are newly incorporated in Massachusetts, specifically providing income tax relief during their first five years of operation. Under the proposed legislation, a manufacturing corporation would be completely exempt from state income taxation if it meets two key conditions: first, the corporation must be newly established in Massachusetts, and second, at least 50% of its manufactured goods revenue must come from consumer goods (which are defined as tangible products intended for personal use by individuals). The bill defines a manufacturing corporation according to an existing definition in section 42B of the tax law and aims to incentivize new manufacturing businesses by offering a significant financial benefit during their initial startup years. By providing this tax exemption, the legislation appears designed to encourage manufacturing sector growth and attract new businesses to the state by reducing their initial tax burden.

Budget and Finance

https://malegislature.gov/Bills/194/H3248