Bill > S1446

This bill establishes a new "Small Business Tax Credit" for businesses in Massachusetts, aiming to provide financial relief related to fuel costs. The bill defines a "Small Business" broadly to include various business structures like sole proprietorships and corporations, provided they meet specific criteria such as being independently owned, not dominant in their field, and adhering to size standards set by the Small Business Administration (SBA), which vary by industry and annual revenue. A "Creditable amount" is defined as the money a small business actually spends on gasoline or diesel fuel for company-owned vehicles or those used by employees for business purposes. The credit itself will be equivalent to up to 15% of this creditable amount purchased within a taxable year, and the Department of Revenue will be responsible for creating the necessary rules and regulations to administer and enforce this new tax credit.