Governor Deval Patrick's Budget Recommendation - House 1 Fiscal Year 2014

2.607 -Harbor Maintenance Tax Credit

Item DescriptionFY2012 FY2013 FY2014
2.607 Harbor Maintenance Tax Credit
Corporations are allowed to take a credit against the corporate excise for certain harbor maintenance taxes paid to the U.S. Customs Service pursuant to IRC sec. 4461. A corporation is eligible for the credit if the tax paid is attributable to the shipment of break-bulk or containerized cargo by sea and ocean-going vessels through a Massachusetts harbor facility. The credit is not subject to the 50% limitation; however, it may not reduce the tax liability to less than the minimum excise of $456. The credit may be carried forward for up to 5 years, but is neither refundable nor transferable.

Origin:  M.G.L. c. 63, S. 38P
Estimate:  $1.0
1 1 1


IRCFederal Internal Revenue Code (26 U.S.C.)
M.G.L. Massachusetts General Laws
U.S.C United States Code
ESTIMATES All estimates are in $ millions.

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