Bill > H3290

This bill establishes a tax credit in Massachusetts, called the "Massachusetts compressed natural gas tax credit," to encourage the construction and operation of refueling stations that sell compressed natural gas (CNG) for vehicles. A "qualified project" is defined as building a new CNG refueling station or renovating an existing one to include CNG capabilities. The Department of Revenue (referred to as the "Department" and overseen by the "Commissioner") will issue "eligibility statements" to certify projects that meet specific criteria, with a total of $5 million in credits available annually. Taxpayers involved in these qualified projects can claim this credit, which is taken against their state taxes, spread equally over five years, and can be carried forward for up to five subsequent taxable years if it exceeds the tax owed. The bill also outlines provisions for allocating credits, recapturing them if necessary, and allows for the possibility of receiving the credit as a loan instead of a direct tax reduction.