SECTION 1. Section 38M of chapter 63 is hereby amended by adding at the end thereof by inserting the following new paragraph: -
(4) Any corporation entitled to a credit under this section, may, assign, in whole or in part, any portion of the credit that exceeds the it’s tax liability in a given year. The commissioner of revenue shall certify the amount, if any, a corporation is entitled to assign by January 30 each year for the preceding taxable year. The assignment shall be made for due consideration not less than seventy-five per cent of the actual value of the assigned tax credit. Any corporation who is the beneficiary of such assignment must apply said credit in the taxable year commencing immediately after the year in which the credit is earned. Said credit may not be carried over to subsequent tax years.
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