This economic development bill also contains important provisions to extend development permits, improve combined reporting rules, and streamline state economic development efforts. Overall, this bill represents a thoughtful and targeted approach to economic and job recovery for Massachusetts. Details on the Chamber's tax incentives are as follows:
- 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.
Thank you very much for your continued support of the Chamber. Today's bill signing would not have been possible without it.
President & CEO
Greater Boston Chamber of Commerce