Bill > H3297

This bill proposes to amend Massachusetts General Laws Chapter 64H, which deals with excise taxes on sales. Specifically, it introduces a new definition for "small business," which is defined as an independently owned and operated business with its main operations in Massachusetts that meets the criteria for a small business under federal law, as determined by the United States Small Business Administration. The bill then amends the section concerning excise taxes on sales for capital investments to small businesses by establishing a tiered tax rate structure. Instead of a single rate, sales or services for capital investments to small businesses will be taxed at 6% for amounts between $91,000 and $180,000, 5.75% for amounts greater than $180,000 up to $270,000, and 5.5% for amounts exceeding $270,000. This aims to provide tax incentives for small businesses making significant capital investments.