Bill > S1378

This bill establishes a tax credit for corporations that adopt electronic prescribing capabilities, which allows doctors to send prescriptions electronically to pharmacies instead of using paper. Specifically, it amends Chapter 63 of the General Laws by adding a new section that permits business corporations to deduct expenditures related to installing the technology and infrastructure needed for electronic prescribing, including labor costs, provided the system is located in the Commonwealth and used exclusively for their business by duly licensed physicians. This deduction is contingent on the corporation computing its net income without other exemptions or credits for these expenditures and ensuring the electronic prescribing capabilities were already in use by physicians during the taxable year. The bill also outlines provisions for recapturing the tax benefit if the system is used for purposes other than the corporation's trade or business within ten years, and it clarifies how to handle gains or losses when such property is sold or disposed of, generally requiring the original deduction to be disregarded and the property's basis to be adjusted. Furthermore, technology and infrastructure qualifying for this deduction will not be subject to taxation under the tangible property measure of the excise tax.