Small Farms and Fisheries Tax Credit Legislation Becomes Law

Submitted by the office of Rep. Carolyn Dykema

On July 31, the state legislature passed H4377, An Act promoting economic growth across the Commonwealth. The bill includes legislation for an investment tax credit for small farms and fisheries filed by Representative Carolyn Dykema. The bill also funds and encourages economic development, job creation, STEM education, workforce development, and infrastructural investment.

The small farms and fisheries provision allows small businesses a 3% investment tax credit to use for capital expenditures for their operations. This legislation extends this credit, which has been available for large agricultural businesses since 1973, to small, non-incorporated farms and fisheries.
“With thousands of family farms in Massachusetts and many in my district, agriculture is a growing part of our local economies. By offering tax credits to those small businesses, we encourage investment and job creation at the local level, and these are jobs that are never sent overseas,” Rep. Dykema explained. “And by helping local farms, we will also boost food security for every resident.”

Other provisions of the economic development bill encourage smart growth and mass transit investment, both of which will make the state more environmentally sustainable. Additional provisions in this bill include grants for public high schools to start early college programs, job training in the critical advanced manufacturing and IT fields, an advisory council dedicated to STEM education, public infrastructure investments, and greater tax credits for those who invest in job creation.

“At this point in our economic recovery, this legislation will continue to bolster strong and sustainable economic growth,” said Representative Dykema. “This bill provides support for job creation and investment right now, while also supporting workforce training and education so that we can be even more economically competitive in the future.”

State Representative Carolyn Dykema represents the towns of Holliston, Hopkinton, Southborough and Westborough (pct. 2) and has served on the Committee on the Environment, Natural Resources, and Agriculture since 2009.