Bill > S1380

This bill proposes to promote construction growth by offering tax exemptions on certain purchases and rentals of equipment for qualifying construction companies. Specifically, it amends Section 6 of Chapter 64H of the General Laws to exempt from sales tax the purchase of machinery and equipment valued over $20,000, and from rental or lease tax any contract valued over $1,000, provided the equipment is used by a "qualifying construction company" within the Commonwealth of Massachusetts. A qualifying construction company is defined as any business entity involved in constructing or remodeling real property structures in the state, which must certify to the commissioner (referring to the Commissioner of Revenue) that this exemption will create or retain employment. The bill also states that these provisions will take effect upon passage but will expire after the tax year 2015.