Bill > H2457

This bill amends Section 39 of Chapter 63 of the General Laws, which deals with corporate taxes, by adding a new provision that exempts certain business corporations from paying the excise tax under subsection (b) if they meet specific criteria. Specifically, a business corporation will not be subject to this tax if it is within its first three years of operation or if it has paid the tax calculated under subsection (a) for the preceding three years. However, this exemption will not apply to any business corporation that employs more than 25 full-time employees or their equivalent.