SECTION 1. Chapter 63 of the General Laws, as most recently amended by chapter 224 of the Acts of 2012, is hereby amended by inserting after section 38FF the following new section:-
Section 38GG. (a) A business corporation shall be allowed a credit against its tax liability imposed under this chapter equal to not more than the first $500,000 of revenue earned by said corporation during the taxable year for which the tax is due.
(b) The credit allowed by this section shall not reduce the excise to an amount less than the amount due under subsection (b) of section 39.
The information contained in this website is for general information purposes only. The General Court provides this information as a public service and while we endeavor to keep the data accurate and current to the best of our ability, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.