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| 2 | 2 | | HOUSE DOCKET, NO. 77 FILED ON: 1/3/2025 |
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| 3 | 3 | | HOUSE . . . . . . . . . . . . . . . No. 3269 |
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| 4 | 4 | | The Commonwealth of Massachusetts |
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| 5 | 5 | | _________________ |
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| 6 | 6 | | PRESENTED BY: |
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| 7 | 7 | | Marcus S. Vaughn |
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| 8 | 8 | | _________________ |
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| 9 | 9 | | To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General |
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| 10 | 10 | | Court assembled: |
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| 11 | 11 | | The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill: |
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| 12 | 12 | | An Act establishing a transferable pediatric cancer research tax credit. |
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| 13 | 13 | | _______________ |
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| 14 | 14 | | PETITION OF: |
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| 15 | 15 | | NAME:DISTRICT/ADDRESS :DATE ADDED:Marcus S. Vaughn9th Norfolk1/3/2025 1 of 2 |
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| 16 | 16 | | HOUSE DOCKET, NO. 77 FILED ON: 1/3/2025 |
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| 17 | 17 | | HOUSE . . . . . . . . . . . . . . . No. 3269 |
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| 18 | 18 | | By Representative Vaughn of Wrentham, a petition (accompanied by bill, House, No. 3269) of |
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| 19 | 19 | | Marcus S. Vaughn for legislation to establish a transferable pediatric cancer research tax credit. |
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| 20 | 20 | | Revenue. |
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| 21 | 21 | | [SIMILAR MATTER FILED IN PREVIOUS SESSION |
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| 22 | 22 | | SEE HOUSE, NO. 2970 OF 2023-2024.] |
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| 23 | 23 | | The Commonwealth of Massachusetts |
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| 24 | 24 | | _______________ |
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| 25 | 25 | | In the One Hundred and Ninety-Fourth General Court |
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| 26 | 26 | | (2025-2026) |
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| 27 | 27 | | _______________ |
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| 28 | 28 | | An Act establishing a transferable pediatric cancer research tax credit. |
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| 29 | 29 | | Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority |
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| 30 | 30 | | of the same, as follows: |
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| 31 | 31 | | 1 SECTION 1. Chapter 63 of the General Laws is hereby amended by inserting after |
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| 32 | 32 | | 2section 38J the following section:- |
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| 33 | 33 | | 3 Section 38J ½. (a) In addition to any other credit allowed pursuant to this chapter, a |
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| 34 | 34 | | 4pediatric cancer research institution shall be allowed a transferable tax credit for expenditures |
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| 35 | 35 | | 5related to pediatric cancer research. For the purposes of this section, a "pediatric cancer research |
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| 36 | 36 | | 6institution" shall mean a hospital located within the commonwealth that is equipped for, and |
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| 37 | 37 | | 7actively conducting, pediatric cancer research. |
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| 38 | 38 | | 8 (b) The total aggregate amount of tax credits allowed pursuant to this section shall not |
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| 39 | 39 | | 9exceed $10,000,000 in a fiscal year. 2 of 2 |
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| 40 | 40 | | 10 (c) A pediatric cancer research institution eligible for the this credit may transfer the |
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| 41 | 41 | | 11credits, in whole or in part, to any individual or entity, and the transferee shall be entitled to |
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| 42 | 42 | | 12apply the credits against the tax with the same effect as if the transferee had incurred the |
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| 43 | 43 | | 13expenditures related to pediatric cancer research itself. |
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| 44 | 44 | | 14 (d) Any pediatric cancer research institution that receives a credit pursuant to this section |
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| 45 | 45 | | 15for any taxable year may carry over and apply to its tax due for any 1 or more of the next |
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| 46 | 46 | | 16succeeding 3 taxable years the portion, as reduced from year to year, of the credit that exceeds |
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| 47 | 47 | | 17any tax due for the taxable year. |
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| 48 | 48 | | 18 (e) The commissioner of revenue may promulgate regulations necessary to carry out this |
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| 49 | 49 | | 19section. |
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| 50 | 50 | | 20 SECTION 2. Section 38J½ of chapter 63 of the General Laws is hereby repealed. |
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| 51 | 51 | | 21 SECTION 3. Section 1 shall be effective for the taxable year beginning on or after |
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| 52 | 52 | | 22January 1, 2025. |
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| 53 | 53 | | 23 SECTION 4. Section 2 shall take effect on January 1, 2033. |
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