Budget Amendment ID: FY2014-S3-15

OTH 15

Research and Development Tax Credit

Messrs. Finegold and Tarr moved that the proposed new text be amended by inserting, after section 59, the following new section:-

“SECTION XX. Subsection (a) of section 38M of chapter 63 of the General Laws, as so appearing, is hereby amended by striking out, in line 7, the words “base amount”; and by inserting after the second sentence the following sentence:- The term “base amount” will be defined in the same manner it is defined under section 41 of said Code as amended and in effect on August 12, 1991, however, the fixed base percentage applied shall not exceed 5 per cent.”