Bill > S1781

This bill establishes the Massachusetts Maritime Commercial Development tax credit. The key provisions are: 1. The bill allows for a tax credit of up to 25% of qualified water-dependent facility expenditures, such as construction, rehabilitation, and related costs, for facilities located in Designated Port Areas and used for water-dependent commercial or industrial activities, seafood processing, aquaculture, water-dependent science and research, or seafood storage. 2. The Secretary of Housing and Economic Development will administer the tax credit program and allocate up to $50 million in credits annually, with no single municipality eligible for more than 50% of the total credits in a given year (though this restriction can be waived). 3. Community development corporations are eligible for the tax credit at the same rate as other taxpayers. 4. The tax credits can be transferred or carried forward for up to 5 years, and are subject to recapture provisions if the facility ceases to be used for the intended purposes. 5. The Secretary must annually report on the total amount of tax credits claimed and transferred under the program.

Budget and Finance

https://malegislature.gov/Bills/191/S1781