2.634 Qualified Internship Credit

Origin: The qualified internship tax credit is available to personal income and corporate excise taxpayers that hire a qualified intern. The credit is equal to the lesser of $5,000 or 50% of the wages paid to the intern. The annual amount of credits that can be authorized cannot exceed $10 million. A single employer cannot claim more than $100,000 in credits in a taxable year. The credit is effective starting the taxable year beginning on or after January 1 of the first calendar year following the next fiscal year that closes after November 20, 2024 with a consolidated net surplus of at least $400 million. The credit expires on January 1 of the sixth tax year following the effective date of the credit.

Origin: M.G.L. c. 63, § 38UU