Bill > H2790

This bill establishes the Massachusetts Maritime Commercial Development tax credit. The key provisions are: 1. The bill creates a tax credit up to 50% of qualified water-dependent facility expenditures, such as construction, rehabilitation, and associated costs, for facilities located within Designated Port Areas in Massachusetts. 2. The Secretary of Housing and Economic Development will administer the tax credit program, determining eligibility criteria and allocating up to $100 million in credits annually. 3. Community Development Corporations are eligible for the tax credit at the same rate as other taxpayers. 4. The tax credits can be transferred to other individuals or entities, and any unused credits 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. 6. If a certified water-dependent facility is disposed of or no longer used for its intended purpose, recapture provisions apply. The goal of the bill is to incentivize investment and development in maritime commercial activities within designated port areas in Massachusetts.

Budget and Finance

https://malegislature.gov/Bills/193/H2790