SENATE DOCKET, NO. 926        FILED ON: 2/9/2021

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1959

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Patrick M. O'Connor

_________________

To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:

The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act relative to adopting the new market tax credits program for Massachusetts.

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PETITION OF:

SENATE DOCKET, NO. 926        FILED ON: 2/9/2021

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1959

[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE SENATE, NO. 1757 OF 2019-2020.]

The Commonwealth of Massachusetts

_______________

In the One Hundred and Ninety-Second General Court
(2021-2022)

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An Act relative to adopting the new market tax credits program for Massachusetts.

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

The Joint Committee on Economic Development and Emerging Technologies is authorized and directed to study the benefits of establishing a New Markets Tax Credit program in Massachusetts similar to the existing federal New Markets Tax Credit program (26 U.S.C. §45D). The study shall evaluate the potential benefits arising from a Massachusetts New Markets Tax Credit program that would enable participating community development entities to make business loans to, and other investments in, low-income community businesses to promote the creation or maintenance of permanent jobs, construction jobs, the provision of services and benefits to low-income community residents, and other potential positive community impacts for Massachusetts low-income communities. The study shall review the success of similar state new market tax credit programs already in operation in 14 other states that between 2003 through 2012 have created more than 500,000 jobs and generated more than $5.3 billion in federal income tax revenue and more than $3 billion in state and local tax revenues, evaluate how the creation of a Massachusetts New Markets Tax Credit program would attract private capital to and promote economic development in Massachusetts low-income communities, and take other relevant considerations into account. The study shall be completed no later than July 1, 2022.