BOSTON (WWLP) – Some Massachusetts lawmakers want to give a tax break to small business owners, and they told 22News this could help more business start-ups.
The state’s Joint Committee on Revenue reviewed several proposals to provide property tax relief for small business owners. The state currently allows cities and towns to provide a 10% exemption to small businesses with less than $1 million in assets.
One state lawmaker filed a bill that would increase the asset amount to $2 million, allowing cities and towns to provide relief to a larger pool of businesses. City and town leaders have the option to decide how much tax relief businesses will get.
State Representative Kevin Kuros told 22News that increasing the tax break could encourage more entrepreneurs to start new businesses in your community. “If one town is able to offer this incentive to businesses, they’re more likely to act as a magnet to draw businesses in or to keep businesses that are already there.”
The committee is currently reviewing the bill and has yet to approve the proposal.