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  • PART I ADMINISTRATION OF THE GOVERNMENT
  • TITLE IX TAXATION
  • CHAPTER 63 TAXATION OF CORPORATIONS
  • Section 38CC Life Sciences refundable jobs credit

[Text of section effective for tax years beginning on or after January 1, 2011. See 2011, 68, Sec. 211.]

Section 38CC. (a) A taxpayer, to the extent authorized by the life sciences tax incentive program established in section 5 of chapter 23I, may be allowed a refundable jobs credit against the tax liability imposed under this chapter in an amount determined by the Massachusetts Life Sciences Center in consultation with the department.

(b) A taxpayer taking a credit under this section shall commit to the creation of a minimum of 50 net new permanent full-time positions in the commonwealth.

(c) A credit allowed under this section shall reduce the liability of the taxpayer under this chapter for the taxable year. If a credit claimed under this section by a taxpayer exceeds the taxpayer’s liability as otherwise determined under this chapter for the taxable year, 90 per cent of such excess credit, to the extent authorized pursuant to the life sciences tax incentive program, shall be refundable to the taxpayer. Excess credit amounts shall not be carried forward to other taxable years.

(d) The department shall issue the refundable portion of the jobs credit without further appropriation and in accordance with the cumulative amount, including the current year costs of incentives allowed in previous years, which shall not exceed $25,000,000 annually as set forth in subsection (d) of said section 5 of said chapter 23I.