For immediate release: December 11, 2013
(BOSTON) – Representative Mark Cusack (D-Braintree) has announced legislation to assist Braintree’s small businesses.
The legislation will increase the local option tax exemption on small business property from 10% to 20%, which will lead to greater savings for Braintree’s small business community.
“This legislation is right for Braintree. It will not only help our businesses but make our entire community more competitive. This legislation will allow our businesses to reinvest and grow.” said Representative Mark Cusack. “I look forward to working with Mayor Sullivan and the Town Council to move this legislation forward and making Braintree a more attractive place to conduct business.”
“I will be working with my colleagues to expand the definition of small business by increasing the property value limit as well as the employee threshold across the Commonwealth,” Representative Cusack added.
Under this plan, commercial property owners will receive a 20% reduction on their property taxes if they have less than 10 employees and their property is valued at less than $1 million. Currently, there are 142 businesses that qualify.