Bill > H2898

This bill establishes the Massachusetts Maritime Commercial Development tax credit. The key provisions include: 1. The creation of a tax credit of up to 50% of qualified expenditures for the construction or rehabilitation of "qualified water-dependent facilities" located in Designated Port Areas of Massachusetts. These facilities include buildings used for water-dependent commercial or industrial activities, seafood processing, aquaculture, water-dependent science and research, and related uses. 2. The Secretary of Housing and Economic Development is authorized to allocate up to $100 million in tax credits annually, with a restriction that no single municipality can receive more than 50% of the total credits in a given year (though this restriction can be waived). 3. Community Development Corporations are eligible to receive the tax credit at the same rate as other taxpayers. 4. The tax credits can be transferred, sold, or assigned to other individuals or entities, and can be carried forward for up to 5 years. 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/192/H2898