Bill > H3090

This bill establishes the Massachusetts Maritime Commercial Development tax credit, which provides a financial incentive for developing water-dependent facilities in Designated Port Areas (DPAs) within the state. The tax credit allows taxpayers to receive up to 50 percent of their qualified water-dependent facility expenditures, with an annual statewide cap of $100 million. Eligible facilities must be located in a DPA and used exclusively for water-dependent commercial or industrial activities, seafood processing, aquaculture, water-dependent science and research, or seafood storage. The credit can be claimed in the year the facility is placed in service and can be carried forward for up to 5 subsequent years if the tax credit exceeds the taxpayer's tax liability. Notably, the bill allows these credits to be transferred to other individuals or entities, and community development corporations are explicitly eligible to receive the credit. The Secretary of Housing and Economic Development will administer the program, determine eligibility, and is required to submit an annual report detailing the total tax credits claimed and transferred. Additionally, there is a provision that if a certified facility is disposed of or stops being used for its intended water-dependent purposes before the end of its useful life, the tax credits may be subject to recapture.

Budget and Finance

https://malegislature.gov/Bills/194/H3090