Bill > S1636

This bill establishes a job creation tax credit in Massachusetts. The key provisions are: 1. Businesses that create eligible jobs (determined by a formula involving full-time and part-time employees) in the Commonwealth during the application year will be entitled to a jobs incentive tax credit, which is equal to 50% of the Massachusetts withholding taxes paid on the salaries of those eligible jobs, spread equally over the next three calendar years. 2. Businesses can claim the credit for up to 50 new jobs created over their prior year's weighted average employment. For businesses creating more than 50 new jobs, the credit will be based on the first 50 eligible jobs. 3. The credit can be claimed for three consecutive years, but will be disqualified if the business's weighted average employment falls below the application year level in the first or second credit year. 4. After the tax credit program sunsets on June 30, 2016, the Commissioner of Revenue will conduct a cost-benefit analysis and report on the feasibility of extending the program. The bill aims to incentivize job creation in Massachusetts by providing a tax credit to eligible businesses.

Budget and Finance

https://malegislature.gov/Bills/190/S1636