Bill > S1480

This bill proposes to amend Chapter 63 of the General Laws by adding a new section, 38GG, which would allow business corporations to claim a tax credit against their tax liability. This credit would be equal to the first $500,000 of revenue earned by the corporation during the taxable year for which the tax is due. However, this credit cannot reduce the corporation's excise tax liability below the amount due under subsection (b) of section 39, which likely refers to a minimum tax amount. The context for this bill is to stimulate small business investment by providing a financial incentive through tax relief.