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Witness Urges Favorable Report on Five-Year Tax Exemption for New Manufacturers
Summary
A testifier asked the Joint Committee on Revenue to support House Bill 3248, which would grant a five-year income tax exemption to new manufacturing corporations incorporated in Massachusetts that produce consumer goods. The Department of Revenue cost estimate was not yet available and the committee recorded no vote.
A testifier urging a favorable report on House Bill 3248 told the Joint Committee on Revenue that the bill would create a five-year income tax exemption for newly incorporated manufacturing companies that produce consumer goods in the Commonwealth.
The testifier, who addressed the committee as a proponent of the measure, said the policy is intended to attract new manufacturers that are not currently operating in Massachusetts rather than to benefit existing companies. “This bill proposes a targeted 5 year income tax exemption for newly incorporated manufacturing companies that produce consumer goods within the…
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