Massachusetts 2023-2024 Regular Session

Massachusetts Senate Bill S1909 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	1 of 1
2	2	SENATE DOCKET, NO. 331 FILED ON: 1/13/2023
3	3	SENATE . . . . . . . . . . . . . . No. 1909
4	4	The Commonwealth of Massachusetts
5	5	_________________
6	6	PRESENTED BY:
7	7	Patrick M. O'Connor
8	8	_________________
9	9	To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
10	10	Court assembled:
11	11	The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:
12	12	An Act establishing a tax credit for small businesses.
13	13	_______________
14	14	PETITION OF:
15	15	NAME:DISTRICT/ADDRESS :Patrick M. O'ConnorFirst Plymouth and Norfolk 1 of 2
16	16	SENATE DOCKET, NO. 331 FILED ON: 1/13/2023
17	17	SENATE . . . . . . . . . . . . . . No. 1909
18	18	By Mr. O'Connor, a petition (accompanied by bill, Senate, No. 1909) of Patrick M. O'Connor for
19	19	legislation to establish a tax credit for small businesses. Revenue.
20	20	[SIMILAR MATTER FILED IN PREVIOUS SESSION
21	21	SEE SENATE, NO. 1952 OF 2021-2022.]
22	22	The Commonwealth of Massachusetts
23	23	_______________
24	24	In the One Hundred and Ninety-Third General Court
25	25	(2023-2024)
26	26	_______________
27	27	An Act establishing a tax credit for small businesses.
28	28	Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority
29	29	of the same, as follows:
30	30	1 Chapter 62 of the General Laws is hereby amended by inserting after section 6 the
31	31	2following section: —
32	32	3 Section 6½. (a) As used in this section the following words shall, unless the context
33	33	4clearly requires otherwise, have the following meanings:—
34	34	5 “Department”, the department of revenue. “Small Business”, a sole proprietorship,
35	35	6partnership, limited liability company, corporate trust, corporation or other business, including
36	36	7its affiliates that is: (i) independently owned and operated, (ii) not dominant in the field of
37	37	8operation in which it is bidding on government contracts, (iii) qualifies as a small business under
38	38	9the criteria and size standards of the Small Business Administration regulations and (iv) is under
39	39	10500 employees in the manufacturing and mining industries or under 100 employees for all 2 of 2
40	40	11wholesale trade industries or does under $6 million of business annually for retail and service
41	41	12industries or does under $28.5 million of business annually for general & heavy construction
42	42	13industries or does under $12 million of business annually for all special trade contractors and
43	43	14under $0.75 million of business for agricultural industries “Creditable amount”, the monetary
44	44	15amount actually paid by a small business to provide gasoline or diesel for vehicles either owned
45	45	16by company or driven by employees in the normal course of business.
46	46	17 (b) There is hereby established a credit against the tax liability imposed by this chapter
47	47	18for small businesses to be known as the “Small Business Tax Credit”.
48	48	19 (c) The amount of the “Small Business Tax Credit” shall be up to 15 per cent of the
49	49	20creditable amount purchased in the taxable year.
50	50	21 (d) The commissioner shall promulgate rules and regulations relative to the
51	51	22administration and enforcement of this section.