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Tax Credit Provisions

SECTION 40.   ** Item was retuned for amendment (Attachment F)



Said chapter 62C is hereby further amended by adding the following section:-



Section 88. (a) (1) Each administering agency head shall annually submit a report, no later than March 1, to the commissioner on each tax credit program authorized for the previous calendar year, hereinafter known as the report, which shall be a public record made available on a government internet website for public disclosure.



(2) The report shall contain the following information:



(i) the number of taxpayers authorized by the administering agency head to receive a tax credit;



(ii) the type and amount of the tax credit awarded to each industry;



(iii) the date that the tax credit was awarded; and



(iv) an aggregate summary of the employment data, by industry, provided by each taxpayer pursuant to subsection b.



(3) The report shall include, for the previous calendar year, an analysis of the benefits received by the commonwealth relevant to the specific goals of the tax credit program, the impact of the tax credit program on preserving, promoting and growing employment in the relevant industry in the commonwealth and any other benefits received as a result of the tax credit program.



(4) The report shall include the following information relevant to the specific tax credit programs:



(i) for the brownfields tax credit, an analysis of the impact of the brownfields tax credit program on the cleanup and development of contaminated properties;



(ii) for the dairy farmer tax credit, an analysis of the impact of the dairy farmer tax credit on preserving dairy farms and dairy farm employment including, but not limited to, an analysis of the dairy product output and the number and size in acreage of dairy farms receiving a dairy farm credit;



(iii) for the U.S.F.D.A. user fees credit, life sciences investment tax credit and the refundable research credit, an analysis of the impact of the program on preserving and increasing economic development and infrastructure for the calendar year;



(iv) for the film tax credit, an analysis of the impact of the film tax credit program on preserving or increasing film industry jobs and other benefits of the program;



(v) for the historic rehabilitation tax credit, an analysis of the impact of the program on preserving historic structures and other benefits of the program including, but not limited to, the employment created for the calendar year;



(vi) for the low-income housing tax credit, an analysis of the impact of the program on preserving or increasing low-income housing and other benefits of the program including, but not limited to, the number of low-income housing units placed in service for the calendar year; and



(vii) for the medical device tax credit, an analysis of the impact of the medical device tax credit program on preserving or increasing medical device industry jobs and other benefits of the program.



(b) Each taxpayer receiving a tax credit from a tax credit program shall annually report, no later than February 15, a statement of jobs to the administering agency head which shall contain the following information:



(i) the number of full-time employees working for the taxpayer on the date the administering agency head authorized the tax credit, the number of full-time employees working for the taxpayer on December 31 of each calendar year that the tax credit is applied and the average salary of such employees;



(ii) the number of part-time employees working less than 35 hours but more than 20 hours per week for the taxpayer on the date the administering agency head authorized the tax credit, the number of such employees working for the taxpayer on December 31 of each calendar year that the tax credit is applied and the average salary of such employees;



(iii) the number of part-time employees working 20 hours per week or less for the taxpayer on the date the administering agency head authorized the tax credit, the number of such employees working for the taxpayer on December 31 of each calendar year that the tax credit is applied and the average salary of such employees; and



(iv) any other information required by the administering agency head to assist the agency head in assessing the economic and employment impact of the tax credit program on the commonwealth and in the relevant industry and otherwise in meeting the goals of the relevant tax credit program.