The full text of the ad is below:
Legislation Needed for Sustained Economic Recovery
While our state economy is currently outperforming the U.S. economy, a marked slowdown in the national economic recovery is likely to negatively impact Massachusetts. Due to the economic uncertainty that lies ahead, Massachusetts must seize the opportunity to position ourselves to sustain our fragile economic recovery and improve our competitive position.
We have this opportunity in the economic development bill passed last week by the Legislature. This bill contains 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 proposals which will provide a powerful boost to startups and innovation-based companies in Massachusetts.
- NOL Extension: 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.
- 3-in-3 Incentive: 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 the economic development bill represent a thoughtful and targeted approach to economic and job recovery for Massachusetts. This bill will mean more jobs, investment, and innovation. In short, it will make Massachusetts a more competitive place to do business. The Chamber has urged the Governor to sign this bill into law, and will continue working over the next several days to secure its enactment.