[ Introductory paragraph effective until July 3, 2008. For text effective July 3, 2008, see below.]
Section 38F. In determining the net income subject to tax under this chapter, a domestic or foreign corporation may deduct, in addition to any other allowable deduction under this chapter, an amount equal to twenty-five per cent of the compensation paid during the taxable year to individuals employed in an eligible business facility, as defined in section eleven of chapter twenty-three B, and either:
[ Introductory paragraph as amended by 2008, 173, Sec. 70 effective July 3, 2008 for tax years beginning on or after January 1, 2009. See 2008, 173, Sec. 101. For text effective until July 3, 2008, see above.]
In determining the net income subject to tax under this chapter, a business corporation may deduct, in addition to any other allowable deduction under this chapter, an amount equal to twenty-five per cent of the compensation paid during the taxable year to individuals employed in an eligible business facility, as defined in section eleven of chapter twenty-three B, and either:
(i) domiciled in an eligible section of substantial poverty as defined in section eleven of chapter twenty-three B; or
(ii) domiciled in an area which had been certified as such an eligible section of substantial poverty when the corporation first received a certificate of eligibility; provided, however, such individuals still live in the same city or town;
and provided further such corporation has a certificate of eligibility with respect to such facility for the taxable year issued by the urban jobs incentive bureau of the Massachusetts office of business development. No deduction under this section shall exceed five thousand dollars for any qualifying individual.