Representative Mark Falzone voted in support of the jobs bill that recently passed the Massachusetts House of Representatives. The bill provides incentives for businesses to grow in Massachusetts and produce more jobs, while also streamlining the economic development agencies that provide employment and business support.

Representative Falzone noted, “Jobs are my first priority, and in these economic times I am very pleased that the Massachusetts House has responded to those of us who have been encouraging, indeed insistent upon, job-producing legislative action. The good news in this House bill that passed with my support is that we have lowered tax rates for employment-producing start-up companies, which is an important incentive to get progress on jobs. We also streamlined the jobs-producing coordinating and planning agencies so that leadership is in clear hands and economic development performance measures are used for accountability. The public demands to know what is being done on the jobs front and with what success, and I agree. With this legislation we have take a huge step forward to be more efficient and more successful in creating jobs. I urge similar action on the part of the Senate and the Governor to support the House-passed jobs initiative.”

The legislation provides important job-producing incentives. Under this bill investments in start-up companies held for three years would be taxed at a 3% capital gains rate, third lowest in the country. The loss carry forward provision would now extend to 20 years which is of great assistance to cyclical industries in Massachusetts such as manufacturing, construction, high tech, biotech, and financial services.

Agencies would be consolidated under a new partnership for central marketing of Massachusetts, and an office created by the bill would measure the economic development performance of all public and quasi-public entities that support jobs and economic growth. In addition, an advisory council would develop an employment-producing long-term economic development plan for the Commonwealth with business and government input and with goals and benchmarks for implementation that transcend any one political administration. The Massachusetts Office of Business Development would act as the primary coordinator of business development efforts on a regional basis.

Falzone emphasized, “We can have no higher goal than job creation in this economic climate, and I recall the adage that a job is the best social program. Job growth will support our families, our communities, and our state budget with all the vital services it provides. We need increased employment for willing workers and our young people deserve no less. It is my number one priority.”