JULY 8, 2010
PRESIDENT’S UPDATE ON HOUSE ECONOMIC DEVELOPMENT BILL
Dear Chamber Member:
Last evening the Massachusetts House of Representatives passed a jobs bill which includes two proposals from the Chamber's Renew Mass economic recovery platform. While the bill is not yet finalized - the Senate and the Governor must also act on it - its passage by the House represents a significant step forward.
The proposals are:
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The Chamber's "3 in 3" Investment Incentive, a 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.
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The Chamber's NOL Innovation Incentive, a expansion of 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.
The Chamber will continue to work with the Legislature and Administration for passage of this and other bills that will make Massachusetts a more competitive place to do business. If you have any questions or would like more information, please contact Jim Klocke at jklocke@bostonchamber.com or 617-557-7310.
Sincerely,
Paul Guzzi
President & CEO