Bill > H3504

This bill establishes a special commission to explore how the University of Massachusetts at Lowell could be authorized and incentivized to offer business growth services to smaller companies in the commonwealth. The commission, composed of legislative members, state officials including the Commissioner of Revenue and the Chancellor of UMass Lowell, and appointees of the governor, will investigate the feasibility of the university selling and distributing $1,000,000 annually in tax credits, which are essentially reductions in tax liability, to fund these services. A key part of their study will be to determine if this tax credit mechanism would enable the university to assist businesses with 75 or fewer employees and whether there is a market for such tax credits.