Bill > H2462

This bill establishes the Massachusetts Maritime Commercial Development tax credit. The key provisions are: 1. The Secretary of Housing and Economic Development will authorize up to $100 million per year in tax credits for qualified water-dependent facilities located in Designated Port Areas. These facilities must be used for water-dependent commercial or industrial activities, seafood processing, aquaculture, water-dependent science and research, or seafood storage. 2. The tax credit can be up to 50% of the qualified expenditures for constructing or rehabilitating these facilities. Community development corporations are also eligible for the credit. 3. The tax credits can be transferred to other individuals or entities, and any unused credits can be carried forward for up to 5 years. 4. The Secretary must report annually on the total amount of credits claimed and transferred under this program. 5. If the certified facility is disposed of or no longer used for the intended purposes, the tax credits are subject to recapture.

Budget and Finance

https://malegislature.gov/Bills/191/H2462