Massachusetts’ treasurer Cahill proposes small business tax cut

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.ADNFCR-3052-ID-19774298-ADNFCR

Melissa Clark
Follow:

Melissa Clark

Head of Content & Customer Marketing at Incfile
Melissa sets the vision for Incfile's content marketing and customer relationship management. Melissa has more than 10 years experience in various marketing roles, and a passion for supporting small businesses as they incorporate and grow. She loves sharing information that will help business owners maximize their LLCs, Corporations and Nonprofits. In her spare time, Melissa is an active member of The Junior League and enjoys running half marathons.
Melissa Clark
Follow: