Massachusetts S3207 establishes a rural growth fund program to attract capital investment to rural businesses.
Massachusetts S3207 creates a rural growth fund program to stimulate economic development in rural areas. The Massachusetts Office of Business Development (MOBD) will certify rural growth funds, which can invest in rural businesses with fewer than 250 employees and $10 million in revenue. These funds can receive tax credits for investments in eligible rural businesses. The MOBD will oversee the program, including approving applications, monitoring investments, and revoking tax credits if necessary.
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