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Public Policy

Chamber Submits Testimony on Reforming Economic Substance Rules

On Tuesday, October 31st, the Greater Boston Chamber of Commerce submitted testimony to the Joint Committee on Revenue on H.2647, An Act reforming economic substance rules. This legislation would provide clarity and predictability for the Commonwealth’s taxpayers and make the Commonwealth more fair and competitive by allowing companies to utilize the same federal rule to prove economic substance in business transactions. Adopting the federal rule could also generate economic benefits for the state – corporations would feel more confident investing in Massachusetts because of the increased certainty regarding the treatment of business transactions. 

To view the Chamber's full testimony, click here