BOSTON (WWLP) – Worthington State Representative Stephen Kulik filed the “Massachusetts Rural Jobs Act” to encourage job creation and attract new businesses to rural areas, especially in western Massachusetts.
This was one of 50 bills before the state Revenue Committee at Tuesday’s public hearing.
If passed, the state would loan money to small businesses in rural areas to create jobs, buy equipment and expand facilities.
It’s paid for by investors who get a tax credit for mentoring and investing in rural small businesses.
Investors and taxpayers cannot claim the credits for two years until after the funding is fully invested, and tax credits are capped at 15 percent each year.
“The growth in jobs and the economy lags in western Massachusetts,” Rep. Kulik told 22News. “Often it’s because rural businesses don’t have access to capital sources of funding to expand and grow and sustain their businesses.”
The state’s Revenue Committee is currently reviewing the bill.