Proposed tax cuts in Massachusetts may improve business formation rates

Posted On:

A recent survey from the Small Business & Entrepreneurship Council says that Massachusetts is one of the 10 least business-friendly states in the country. The council says it has one of the worst corporate tax systems in the nation. But this may soon change.

According to the Boston Herald, Massachusetts state treasurer and gubernatorial candidate Timothy Cahill has proposed a small business tax cut for those who invest in startups of all business types in the state.

Additionally, he told the Greater Boston Chamber of Commerce he would waive state income, unemployment and sales taxes for companies with five employees or less during their first three years of operation.

The Herald quotes the treasurer as saying, “My approach is a one size fits all. I don’t care whether you’re a high-tech company or making hot dogs. We want incentives for entrepreneurs to start their businesses today.”

With these tax benefits in mind entrepreneurs may be motivated to incorporate in Massachusetts. This process can be made simpler with the help of online incorporation websites that offer free name check services and quick, easy filing procedures.