Section 35 Research Tax Credit

Section 38M of chapter 63 of the General Laws, as appearing in the 2020 Official Edition, is hereby amended by inserting after subsection (k) the following subsection:-

(l) Financial institutions, insurance companies and other business corporations taxable under this chapter but not subject to the excise under section 39 are eligible for the credit provided under this section for taxable years beginning on or after January 1, 2022, but not for prior taxable years.

This section clarifies eligibility for the research tax credit.