SECTION 1. Subsection (b) of section 2 of chapter 63 of the General Laws, as appearing in the 2014 Official Edition, is hereby amended by inserting after the number “456” the following words:-

; provided, further, that qualifying corporations under section 38CC of this chapter, may receive a credit of up to $456 against the excise imposed under this section.

SECTION 2. Subsection (b) of section 2B of said chapter 63 is hereby amended by inserting after the numeral “$456” the following words:-

, provided, however, that qualifying corporations under section 38CC of this chapter, may receive a credit of up to $456 against the excise imposed under this section.

SECTION 3. Subsection (b) of Section 39 of said chapter 63 is hereby amended by inserting after last sentence the following sentence:

, provided, however, that qualifying corporations under section 38CC of this chapter, may receive a credit of up to $456 against the excise imposed under this section.

SECTION 4. Chapter 63 of the General Laws is hereby amended by inserting after section 38BB the following section:-

Section 38CC.(a) The purpose of this section shall be to offset the burden new businesses initially face by absolving them of the minimum corporate tax in their first three years of filing.

(b) A corporation formed under chapter 156D and taxable under this chapter shall be eligible for a non-transferrable credit against an excise tax imposed under subsection (b) of section 2, subsection (b) of section 2B or subsection (b) of section 39. 

(c) A corporation shall only be eligible for a credit under subsection (b) for the first 3 years in which it is required to file a return under this chapter, provided, however, that such credit shall not be allowed to any corporation fifty percent to or more of whose voting stock is owned by another corporation whether or not such owning corporation is taxable in this commonwealth.

(d) The Commissioner shall authorize annually, for the 12 year period beginning January 1, 2016 and ending December 31, 2028, under this section, an amount not to exceed $20,000 per year.