Bill Text: MA S1363 | 2009-2010 | 186th General Court | Introduced
Bill Title: Increase research and development in emerging industries
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2009-01-20 - Public Hearing date 7/8 at 10:00 AM in Hearing Room B2 [S1363 Detail]
Download: Massachusetts-2009-S1363-Introduced.html
The Commonwealth of Massachusetts
_______________
PRESENTED BY:
Richard R. Tisei
_______________
To the
Honorable Senate and House of Representatives of the Commonwealth of
Massachusetts in General
Court assembled:
The undersigned legislators and/or citizens respectfully petition for the passage of the accompanying bill:
An Act to increase research and development in emerging industries.
_______________
PETITION OF:
|
Name: |
District/Address: |
|
Richard R. Tisei |
Middlesex and Essex |
|
Bruce E. Tarr |
First Essex and Middlesex |
|
Michael R. Knapik |
Second Hampden and Hampshire |
|
Robert L. Hedlund |
Plymouth and Norfolk |
|
Scott P. Brown |
Norfolk, Bristol and Middlesex |
[SIMILAR MATTER FILED IN PREVIOUS
SESSION
SEE SENATE, NO. S01822 OF 2007-2008.]
The Commonwealth of
Massachusetts
_______________
In the Year Two Thousand and Nine
_______________
An Act to increase research and development in emerging industries.
Be
it enacted by the Senate and House of Representatives in General Court
assembled, and by the authority of the same, as follows:
SECTION 1. Section 38M of chapter 63 is hereby amended by adding at the end thereof by inserting the following new paragraph: -
(4) Any corporation entitled to a credit under this section, may, assign, in whole or in part, any portion of the credit that exceeds the it’s tax liability in a given year. The commissioner of revenue shall certify the amount, if any, a corporation is entitled to assign by January 30 each year for the preceding taxable year. The assignment shall be made for due consideration not less than seventy-five per cent of the actual value of the assigned tax credit. Any corporation who is the beneficiary of such assignment must apply said credit in the taxable year commencing immediately after the year in which the credit is earned. Said credit may not be carried over to subsequent tax years.
