Bill > H2647

This bill establishes a cranberry bog renovation tax credit program. The key provisions are: - Taxpayers primarily engaged in cranberry production can claim a 25% tax credit on qualified cranberry bog renovation expenditures, up to $100,000 per taxpayer. - The tax credit is refundable, meaning any excess credit over the taxpayer's liability will be paid out to the taxpayer. - The state will authorize up to $2 million per year in total cranberry bog renovation tax credits between this new program and a related program in the corporate tax code. - To claim the credit, taxpayers must submit documentation of their renovation expenditures to the Secretary of Energy and Environmental Affairs for approval. - The Secretary is required to report annually on the total amount of credits claimed and refunded under this program.

Budget and Finance

https://malegislature.gov/Bills/191/H2647