July 8, 2010 — Sets sales tax holiday
BOSTON — State Representative Jen Benson (D-Lunenburg) yesterday joined her colleagues in the Massachusetts House of Representatives in passing economic development legislation that would streamline economic development agencies, make Massachusetts more attractive to businesses, and establish a sales tax holiday this summer.
"Our local businesses need relief and support to expand and create new jobs," said Benson. "Streamlining our economic development agencies will eliminate much of the headache and red tape faced by businesses in their dealings with the state."
The sales tax holiday was included as an amendment to the economic development bill and was set for August 14th and 15th of this year to encourage consumers to shop at local businesses across the state. "The sales tax holiday planned for August is a win-win for businesses and consumers," said Benson. "It will help boost summer sales and encourage consumers to make purchases."
The state has seen an increase in revenue and revenue projections, a sign that the Commonwealth's economy is slowly improving. The increased revenue figures made it possible to implement the sales tax holiday in a fiscally responsible fashion and within the constraints of the balanced budget passed by the legislature and signed by the governor this month.
The economic development bill will also give Massachusetts one of the lowest long-term capital gains tax rate in the nation. It does this by applying a 3% capital gains tax rate to investments made by individual investors in Massachusetts-based start-up companies that are held for more than three years.
"We've heard loud and clear we need to make MA an easier place in which to locate and operate," said Benson. "This bill takes a step in the right direction."
