Massachusetts state treasurer and gubernatorial candidate Timothy Cahill has proposed a small business tax cut for people forming a company in the state.
Speaking to the Greater Boston Chamber of Commerce, Cahill said he would waive state income, unemployment and sales taxes on business purchases for companies with five or less employees during their first three years.
“My approach is a one size fits all,” Cahill is quoted as saying in the Boston Herald. “I don’t care if you’re a high-tech company or making hot dogs, we want incentives for entrepreneurs to start their businesses today.”
Cahill also proposed reducing the state’s overall income and sales taxes.
The Boston Herald reports that a current proposal by the state’s incumbent Governor, Deval Patrick, would provide a $2,500 small business tax credit for every new job created by companies with less than 50 employees.
These proposed tax cuts would create a much better small business environment in the state. A recent survey by the Small Business & Entrepreneurship Council said that Massachusetts was ranked as having one of the 10 worst state tax systems for entrepreneurs and small businesses.
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