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Life Sciences Tax Credit

SECTION 65.   Said section 6 of said chapter 62, as most recently amended by section 37 of chapter 454 of the acts of 2010, is hereby further amended by adding the following subsection:-

(r)(1) 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.

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

(3) A credit allowed under this subsection shall reduce the liability of the taxpayer under this chapter for the taxable year. If a credit claimed under this subsection 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 by the life sciences tax incentive program shall be refundable to the taxpayer. Excess credit amounts shall not be carried forward to other taxable years.

(4) 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.