Sections 194 and 212 of Chapter 238 of the Acts of 2024 (the “Act”) created a new statewide internship tax credit (“Tax Credit”) to encourage Massachusetts companies to host and support college interns. The Act requires the Executive Office of Economic Development (“EOED”), in consultation with the Department of Revenue (“DOR”), to promulgate regulations to authorize, administer and determine eligibility for the Tax Credit and allocate credits up to an annual cap of $10,000,000.
Please be advised, the Tax Credit is not yet in effect. Pursuant to Section 320 of the Act, the Statewide Internship Tax Credit takes effect for taxable years beginning on or after January 1 of the first year following a fiscal year which closes with a consolidated net surplus of at least $400,000,000.
EOED is monitoring, in consultation with DOR, to identify when the Tax Credit becomes effective and developing the required regulations and application process. Any interested parties that wish to be notified of updates regarding the availability of the Statewide Internship Tax Credit and program regulations should provide the requested information at this website. Inquiries may also be directed to InternshipCredit@mass.gov.
Issued: 3/24/2025