The Commonwealth of Massachusetts
_______________
PRESENTED BY:
James E. Timilty
_______________
To the
Honorable Senate and House of Representatives of the Commonwealth of
Massachusetts in General
Court assembled:
The undersigned legislators and/or citizens respectfully petition for the passage of the accompanying bill:
An Act relative to a small business gas tax credit.
_______________
PETITION OF:
Name: |
District/Address: |
James E. Timilty |
Bristol and Norfolk |
[SIMILAR MATTER FILED IN PREVIOUS
SESSION
SEE SENATE, NO. S01816 OF 2007-2008.]
The Commonwealth of
Massachusetts
_______________
In the Year Two Thousand and Nine
_______________
An Act relative to a small business gas tax credit.
Be
it enacted by the Senate and House of Representatives in General Court
assembled, and by the authority of the same, as follows:
SECTION 1. Chapter 62 of the General Laws is hereby amended by inserting after section 6 the following section:—
Section 6½. (a) As used in this section the following words shall, unless the context clearly requires otherwise, have the following meanings:—
“Department”,
the department of revenue.
“Small Business”, a sole proprietorship, partnership, limited liability
company, corporate trust, corporation or other business, including its
affiliates that is: (i) independently owned and operated, (ii) not dominant in the
field of operation in which it is bidding on government contracts, (iii)
qualifies as a small business under the criteria and size standards of the
Small Business Administration regulations and (iv) is under 500 employees in
the manufacturing and mining industries or under100 employees for all wholesale
trade industries or does under $6 million of business annually for retail
and service industries or does under $28.5 million of business annually for
general & heavy construction industries or does under $12 million of
business annually for all special trade contractors and under $0.75 million of
business for agricultural industries
“Creditable amount”, the monetary amount actually paid by a small business to
provide gasoline or diesel for vehicles either owned by company or driven by
employees in the normal course of business.
(b) There is hereby established a credit against the tax liability imposed by this chapter for small businesses to be known as the “Small Business Tax Credit”.
(c) The amount of the “Small Business Tax Credit” shall be up to 15 per cent of the creditable amount purchased in the taxable year.
(d) The commissioner shall promulgate rules and regulations relative to the administration and enforcement of this section.