Section 63:38UU - [See Note] Employer credit for eligible interns(a) A business corporation engaged in business in the commonwealth may be allowed a credit each taxable year against the liability imposed by this chapter in an amount equal to $5,000 or 50 per cent of the wages paid to each net-new qualified intern employed in the taxable year, whichever is less. If a credit allowed pursuant to this section exceeds the tax otherwise due under this chapter, 100 per cent of the balance of such credit may, at the option of the taxpayer, be refunded to the taxpayer.(b) For an employer to be eligible for a credit under this section: (i) the intern shall be enrolled in or a recent graduate of a public or private institution of higher education located in the commonwealth; (ii) the intern shall have been employed as a qualified intern by the employer for not less than 12 weeks in the taxable year for which the credit is claimed; and (iii) the employer shall demonstrate that the total number of interns employed in the taxable year exceeds the average number of interns employed by the taxpayer per year over the previous 3 years. An intern shall not be qualified if the intern is participating in another internship or apprenticeship program for which an employer has claimed a credit in the taxable year under this chapter or subsection (ii) of section 6 of chapter 62. (c) The total cumulative value of the credits authorized pursuant to this section and subsection (ii) of section 6 of chapter 62 shall not exceed $10,000,000 annually. An employer shall not claim more than $100,000 in credits under this section for any taxable year. A credit allowed under this section shall not be transferable.(d) The executive office of economic development, in consultation with the commissioner, shall authorize, administer and determine eligibility for the tax credit pursuant to this section and subsection (ii) of section 6 chapter 62 and shall allocate the credit in accordance with the standards and requirements set forth in regulations promulgated pursuant to this section. The secretary of economic development, in consultation with the commissioner, shall promulgate regulations establishing an application process for the credit.(e) The secretary of economic development shall annually file a report with the house and senate committees on ways and means, the joint committee on economic development and emerging technologies and the joint committee on labor and workforce development identifying the following: (i) total amount of tax credits claimed pursuant to this section and subsection (ii) of section 6 of chapter 62; (ii) the number of participating interns; and (iii) the number of participating employers. In the fourth submission of said annual report, the secretary of economic development shall provide an assessment of the effectiveness of the credit offered under this section and subsection (ii) of section 6 of chapter 62 in achieving the goal of retaining graduating talent in the commonwealth. Notwithstanding section 21 of chapter 62C, the department of revenue may provide to the secretary of economic development de-identified, statistical tax return information related to the tax filings of former participating interns for the 5 tax years beginning after the conclusion of the internship to evaluate whether former interns are employed and domiciled in the commonwealth after the internship; provided, that such information shall be shared in a manner that prevents the identification of particular tax returns.Mass. Gen. Laws ch. 63, § 63:38UU
Repealed by Acts 2024, c. 238,§ 316, eff. on January 1 of the sixth tax year following the effective date of subsection (ii) of section 6 of chapter 62 of the General Laws, inserted by section 194, and section 38UU of chapter 63 of the General Laws, inserted by section 212, as determined pursuant to section 320.Added by Acts 2024, c. 238,§ 212, eff. or taxable years beginning on or after January 1 of the first year following a fiscal year which closes with a consolidated net surplus of at least $400,000,000 pursuant to section 5C of chapter 29 of the General Laws. See Acts 2024, c. 238, § 320.Acts 2024, c. 238, § 320provides: Subsection (ii) of section 6 of chapter 62 of the General Laws, inserted by section 194, and section 38UU of chapter 63 of the General Laws, inserted by section 212, shall take effect for taxable years beginning on or after January 1 of the first year following a fiscal year which closes with a consolidated net surplus of at least $400,000,000 pursuant to section 5C of chapter 29 of the General Laws. Annually, not later than 30 days after the comptroller certifies the amount of the consolidated net surplus pursuant to said section 5C of said chapter 29, the commissioner of revenue shall certify to the secretary of administration and finance whether said subsection (ii) of said section 6 of said chapter 62, inserted by said section 194, and said section 38UU of said chapter 63, inserted by said section 212, shall take effect pursuant to this section; provided, however, that no such certification by the commissioner of revenue shall be required in any year after said subsection (ii) of said section 6 of said chapter 62, inserted by said section 194, and said section 38UU of said chapter 63, inserted by said section 212, take effect.