For Immediate Release
MEDIA CONTACT FOR THE CHAMBER:
Erin Murphy, 617-557-7324
JULY 30, 2010
STATEMENT OF THE GREATER BOSTON CHAMBER OF COMMERCE ON THE RELEASE OF THE ECONOMIC DEVELOPMENT CONFERENCE REPORT
The Chamber applauds the economic development bill released today by the Legislature. This bill contains a number of important provisions to extend development permits, improve combined reporting rules, and streamline state economic development efforts. In addition, the bill contains the Chamber’s net operating loss carry-forward extension and “3-in-3” investment incentive – two proposals which will provide a powerful boost to startups and innovation-based companies in Massachusetts:
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A change in the state’s net operating loss carry-forward period (currently among the most restrictive in the country) from 5 to 20 years – making the state more competitive for startups, innovation-based sectors, and cyclical industries such as manufacturing, construction, high technology and life sciences.
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The creation of a new 3% state capital gains tax rate on investments in Massachusetts-based startups held for at least three years – encouraging in-state startup activity and investment, promoting patient capital among investors, and spurring innovation and product commercialization.
These and other key incentives contained in this bill represent a thoughtful and targeted approach to economic and job recovery for Massachusetts. This economic development bill will mean more jobs, investment, and innovation. In short, this bill will make Massachusetts a more competitive place to do business. The Chamber urges swift enactment of this bill by Legislature and Governor.