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Massachusetts entrepreneurs might get credit for business formation

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Small businesses across the nation are expected to be the leaders in economic recovery, with SMBs producing 64 percent of net new jobs over the past 15 years. Now, a report from the Patriot Ledger indicates that entrepreneurs in Massachusetts might soon find special incentives for business formation to boost the state economy.
Senate President Therese Murray attended the most recent meeting of the Associated Industries of Massachusetts in Waltham where she proposed a series of tax reforms that the Senate will consider in the near future. One of the measures is a tax credit for new business formation equal to the minimum corporate tax of $456 that could be claimed for the corporation’s first three years.

Murray said the Senate will also be evaluating the benefits of Governor Deval Patrick’s proposed tax credit of $2,500 for each new job a company creates from now until April 11. This would not only benefit existing companies, but it could prove an asset to startup employer firms.

These savings are among many incentives being offered to small business owners nationwide, at both state and federal levels. As the Small Business Administration reports that recessions are often prosperous periods for new businesses, entrepreneurs might consider taking advantage of these potential credits and incorporating their businesses.