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06-25-2003

Page history last edited by PBworks 17 years, 4 months ago

June 25, 2003

ROMNEY ANNOUNCES EXTENSION OF INVESTMENT TAX CREDIT

State Retains Critical Pro-Business Incentive

 

Committed to creating jobs and getting the state’s economy back on track, Governor Mitt Romney today announced that he will sign into law a five-year extension of the three percent Investment Tax Credit (ITC) as part of the Fiscal Year 2004 budget.

 

Without action, the ITC would have reverted to one percent, putting the Bay State’s economic competitiveness in serious jeopardy. With Romney’s approval, the ITC will be extended for the next five years until January 1, 2009.

 

“Massachusetts has tremendous potential – a highly skilled and educated workforce, top-notch institutes of higher learning and excellent health care facilities,” Romney said. “But, we need to work harder to convince employers that Massachusetts is a good place to do business – and that starts with a stable tax structure.”

 

He added, “The Investment Tax Credit is one of the vital tools we have to attract employers and stimulate job growth in Massachusetts. I applaud the House and Senate leaders for their efforts to maintain the Bay State’s pro-business environment.”

 

Romney noted that a recent study commissioned by the Associated Industries of Massachusetts and conducted by Ernst & Young LLP found that the Bay State gained 4,220 more jobs in 2003 as a result of the ITC.

 

The ITC allows businesses to offset a portion of the corporate excise tax liability against investment in tangible property. The ITC was created in 1970 to provide an incentive for companies to increase capital investments in Massachusetts with the goal of preserving and expanding manufacturing and other industry employment in the Bay State.

 

“The results of the ITC have been overwhelmingly positive with an increase in jobs and additional investment in buildings and equipment in Massachusetts” said Lieutenant Governor Kerry Healey.

 

“The five-year expansion of the Investment Tax Credit is a tremendous incentive for telecommunications manufacturers to expand and invest in their operations in Massachusetts,” said Donna Cupelo, Verizon Region President for Massachusetts and Rhode Island. “Business expansion also triggers additional technology investments by companies like Verizon, which improves the overall infrastructure of the Bay State.”

 

Today’s event followed Romney’s kick-off of a summer-long campaign called “Jobs First” to expand job growth in Massachusetts. His first stop was at the BIO 2003 conference in Washington, D.C. yesterday where he met one-on-one with executives from the nation’s top biopharmaceutical firms to promote the advantages of doing business in the Commonwealth. Other events and announcements are planned to promote Massachusetts as a good place to do business.

 

 


Tags: Taxes

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