MA S1785

Bill

MA S1785

Relative to the creation of a maritime tax credit

Introduced
01/22/2019

In Committee
01/22/2019

Crossed Over

Passed

Dead
12/31/2020

Introduced Session

191st General Court

Bill Summary

For legislation relative to the creation of a maritime tax credit. Revenue.

AI Summary

This bill creates a maritime tax credit in Massachusetts. The key provisions are: 1. The bill establishes a "Massachusetts Maritime Commercial Development tax credit" for taxpayers who incur qualified water-dependent facility expenditures within designated port areas in Massachusetts. The credit can be up to 50% of these expenditures. 2. The Secretary of Housing and Economic Development will administer the tax credit program and set eligibility criteria, and can authorize up to $100 million in credits annually, in coordination with a separate tax credit program under Chapter 62. 3. The tax credits can be transferred to other individuals or entities, and unused credits can be carried forward for up to 5 years. Community development corporations are also eligible for the tax credit. 4. The bill includes provisions to recapture the tax credits if the certified water-dependent facility is disposed of or ceases to be used for the intended purposes before the end of its useful life. 5. The Secretary must annually report on the total amount of tax credits claimed and transferred under this program.

Committee Categories

Budget and Finance

Sponsors (2)

Mike Moore (D), Bruce Tarr (R),

Last Action

Accompanied a study order, see H5080 (on 11/02/2020)

Official Document

https://malegislature.gov/Bills/191/S1785

(15 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://malegislature.gov/Bills/191/S1785
Bill	https://malegislature.gov/Bills/191/S1785.pdf

Bill	Bill Name	Last Action	Type
H1661	Relative to job creation through employee ownership	Read second and ordered to a third reading	Similar To
H2397	Providing an income tax credit for families caring for relatives at home who are elderly or victims of Alzheimer's disease	Accompanied a study order, see H5031	Similar To
H2418	Relative to the senior circuit breaker tax credit	Accompanied a study order, see H5128	Similar To
H2624	Relative to film tax credit transferability	Accompanied a study order, see H5080	Similar To
H2629	Relative to the film tax credit	Accompanied a study order, see H5080	Similar To
H5080	Study Order	Discharged to the committee on House Rules	Replaced by
S1640	To support voluntary income tax assistance sites and expand access to the earned income tax credit	Accompanied H2434	Similar To
S1686	Relative to the senior circuit breaker tax credit	Accompanied a study order, see H5080	Similar To
S1706	Relative to extending the wellness program tax credit	Accompanied a study order, see H5080	Similar To
S1756	Relative to middle class economic relief	Accompanied a study order, see H5080	Similar To
S1767	Increasing the land conservation tax credit	Accompanied a new draft, see H4465	Similar To
S2287	To preserve the Schooner Ernestina-Morrissey	New draft substituted, see S2328	Similar To
S2309	To create a Merrimack River District Commission	Read; and referred to the committee on House Ways and Means	Similar To
S2328	To preserve the Schooner Ernestina-Morrissey	Signed by the Governor, Chapter 116 of the Acts of 2020	Similar To
S702	To establish the family caregiver tax credit	Ought NOT to pass (under Joint Rule 10) and placed in the Orders of the Day for the next session	Similar To

Bill > S1785

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (2)

Last Action

Official Document

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