Sen. John C. Velis files bill requiring research-funding disclosures for R&D and manufacturing corporations

Senator John C. Velis filed legislation in the Massachusetts Senate on Jan. 16, 2025, that would require certain corporations covered by Section 42B of Chapter 63 of the General Laws to disclose the amount, type and source of research support for all qualified exemption years.

The proposed law, filed as Senate No. 2097 and entered on Senate docket No. 1306 in the One Hundred and Ninety-Fourth General Court (2025–2026), inserts a new subsection (f) into Section 42B. The subsection would require any corporation subject to that section to (1) disclose the amount, type and source of all current and pending research support received or expected for qualified exemption years; (2) certify that the disclosure is current, accurate and complete; and (3) agree to update the disclosure at the request of a designated authority.

The measure’s file header describes it as relating to the taxation of manufacturing corporations or research and development corporations in the commonwealth. The bill text does not define, within the excerpt provided, which specific entities qualify as "a corporation under this section" or which official(s) may request updates. The bill also does not indicate committee referral, a hearing date or an effective date.

If enacted, the change would add an explicit disclosure requirement to the tax-law provision identified as Section 42B of Chapter 63. The bill text as filed limits its substance to the three disclosure and certification requirements; it does not detail enforcement mechanisms, penalties, reporting forms, thresholds for reporting, or how "research support" is defined.

Senate No. 2097 was presented by John C. Velis and introduced to the legislative docket on Jan. 16, 2025. Additional procedural steps (committee assignment, hearings, votes) are not specified in the filing excerpt.