Thursday, July 8, 2010

Chamber releases statement on House Economic Development Bill

The Chamber applauds the decisive step taken last night by the House to improve Massachusetts’ competitive position. Massachusetts’ fledgling economic recovery needs a shot in the arm. This economic development bill will mean more jobs, investment, and innovation. Its enactment will spur immediate economic development and business activity in the Commonwealth. Of particular importance are two provisions that were first proposed as part of the Chamber’s 2010 Renew Mass economic recovery platform:
  • 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.
  • 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.
These and other key incentives contained in this bill represent a thoughtful and targeted approach to economic and job recovery for Massachusetts. The Chamber will continue to work with the Legislature and Administration toward passage of economic development legislation that will help make Massachusetts a more competitive place to do business.

No comments:

Post a Comment