HOUSE DOCKET, NO. 1147        FILED ON: 1/18/2023

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2970

The Commonwealth of Massachusetts

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PRESENTED BY:

Marcus S. Vaughn

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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 establishing a transferable pediatric cancer research tax credit.

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PETITION OF:

HOUSE DOCKET, NO. 1147        FILED ON: 1/18/2023

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2970

[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE HOUSE DOCKET, NO. 4548 OF 2021-2022.]

The Commonwealth of Massachusetts

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In the One Hundred and Ninety-Third General Court
(2023-2024)

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An Act establishing a transferable pediatric cancer research tax credit.

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

SECTION 1. Chapter 63 of the General Laws is hereby amended by inserting after section 38J the following section:-

Section 38J ½. (a) In addition to any other credit allowed pursuant to this chapter, a pediatric cancer research institution shall be allowed a transferable tax credit for expenditures related to pediatric cancer research. For the purposes of this section, a "pediatric cancer research institution" shall mean a hospital located within the commonwealth that is equipped for, and actively conducting, pediatric cancer research.

(b) The total aggregate amount of tax credits allowed pursuant to this section shall not exceed $10,000,000 in a fiscal year.

(c) A pediatric cancer research institution eligible for the this credit may transfer the credits, in whole or in part, to any individual or entity, and the transferee shall be entitled to apply the credits against the tax with the same effect as if the transferee had incurred the expenditures related to pediatric cancer research itself.

(d) Any pediatric cancer research institution that receives a credit pursuant to this section for any taxable year may carry over and apply to its tax due for any 1 or more of the next succeeding 3 taxable years the portion, as reduced from year to year, of the credit that exceeds any tax due for the taxable year.

(e) The commissioner of revenue may promulgate regulations necessary to carry out this section.

SECTION 2. Section 38J½ of chapter 63 of the General Laws is hereby repealed.

SECTION 3. Section 1 shall be effective for the taxable year beginning on or after January 1, 2023.

SECTION 4. Section 2 shall take effect on January 1, 2033.