Establishes a tax credit for Massachusetts maritime commercial development.
The bill establishes the Massachusetts Maritime Commercial Development tax credit. It allows taxpayers who incur qualified water-dependent facility expenditures a credit against the tax imposed by this chapter. The credit is equal to a percentage, not to exceed 50 percent, of the qualified water-dependent facility expenditures made by the taxpayer. The Secretary of Housing and Economic Development shall authorize the tax credits under this section, with an annual limit of $100,000,000. The credit can be carried over and applied in any of the succeeding 5 taxable years.
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