Bill > S1659

This bill proposes to create a "super research and development tax credit" in Massachusetts. The key provisions are as follows: - Businesses that qualify for the existing research expense tax credit under Section 38M of Chapter 63 are allowed an additional credit equal to the excess of their current year qualified research expenses over a "super credit base amount" (the average of their research expenses over the prior 5 years, increased by 50%). - The new credit is limited to 50% of the business's tax due after other credits are applied. - Businesses can carry forward any unused portion of the credit for up to 5 years, but the credit used in any single year cannot exceed 50% of the tax due. - The credit cannot be used to reduce the business's tax liability below the amount owed in the previous year. - For businesses filing a combined tax return, the credit can be applied against the tax due of other members of the group, subject to the 50% limitation.

Budget and Finance

https://malegislature.gov/Bills/190/S1659