For Immediate Release
MEDIA CONTACT FOR THE CHAMBER:
Erin Murphy, 617-557-7324
AUGUST 5, 2010
STATEMENT OF PAUL GUZZI, PRESIDENT AND CEO OF THE GREATER BOSTON CHAMBER OF COMMERCE, ON THE SIGNING OF ECONOMIC DEVELOPMENT LEGISLATION
The Chamber applauds the economic development bill passed by the Legislature and signed into law today by Governor Patrick. This is a significant win for the Massachusetts economy. It is an example of what government and the employer community can achieve when they work together.
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 “Renew Mass” net operating loss carry-forward extension and “3-in-3” investment incentive – two significant tax policy changes 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. It will make Massachusetts a more competitive place to do business.