Bill > S1472

This bill aims to encourage new business development in the Commonwealth by providing tax relief. Specifically, it amends Chapter 63 of the General Laws to allow qualifying corporations to receive a credit of up to $456 against certain excise taxes for their first three years of filing. This credit is intended to alleviate the initial financial burden on new businesses, particularly those formed under Chapter 156D, which governs business corporations. The bill also establishes a new section, 38CC, which outlines the eligibility criteria for this credit, excluding corporations where another corporation owns 50% or more of its voting stock. Furthermore, the Commissioner of Revenue is authorized to grant a total of $20,000 annually in these credits for a 12-year period, from January 1, 2016, to December 31, 2028.