Bill > S2753

This bill aims to enhance transparency in research funding for manufacturing and research and development corporations in Massachusetts by adding two key provisions to the state's tax law. First, the bill introduces a comprehensive definition of "current and pending research support" that includes various types of resources supporting research efforts, such as in-kind contributions like office space, equipment, supplies, employees, or students, regardless of their origin (foreign or domestic) or how they are provided. Second, the bill requires corporations claiming research and development tax credits to file a detailed financial disclosure with the state commissioner, which must include the amount, type, and source of all current and pending research support for qualified exemption years. The corporation must certify the accuracy of the disclosure and agree to update it upon request. Additionally, the commissioner is mandated to create and maintain a publicly accessible index of these disclosures, thereby increasing transparency and accountability in research funding. This legislation is designed to provide greater insight into the financial resources supporting research and development activities in the state.

Budget and Finance

Joint Committee on Revenue (Joint)

https://malegislature.gov/Bills/194/S2753