High-Tech Business Investor Tax Credit
Idea Category: Jobs and Entrepreneurship
Problem
Smaller cities throughout Massachusetts have experienced much slower economic recoveries from the recession, making it harder for entrepreneurs in these areas to successfully launch and grow their businesses.
Solution
Senator Eric Lesser proposed legislation this year to offer a tax credit for investors looking to fund high-tech small businesses in small and medium-sized cities across Massachusetts. The tax credit would equal 10% of an investor’s investment in a business, if the business is a small one located in a Gateway City with 75% of its employees working in Massachusetts. This will encourage venture capitalists and other investors to look outside traditional tech centers like Cambridge and help entrepreneurs in other parts of the state get the resources they need to be successful.
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