Mass. General Laws c.63 § 38LL

Tax credits for corporations subject to tax under this chapter

This is an unofficial version of a Massachusetts General Law. For more information on this topic, please see Law about taxation.

Updates

• Added by St.2022, c.179, § 45, effective August 11, 2022
• Amended by St.2022, c.268, § 106, effective for taxable years beginning on or after January 1, 2023

Section 38LL

(a)(1) A corporation subject to tax under this chapter, to the extent authorized by the offshore wind tax incentive program established in subsection (d) of section 8A of chapter 23J, may be allowed a refundable jobs credit against the tax liability imposed under this chapter in an amount determined by the Massachusetts clean energy technology center established in section 2 of said chapter 23J, in consultation with the department of revenue.

(2) A corporation taking a credit under this section shall commit to the creation of not less than of 50 net new permanent full-time employees in the commonwealth.

(3) A credit allowed under this section shall reduce the liability of the corporation under this chapter for the taxable year. If a credit claimed under this section by a corporation exceeds the corporation’s liability as otherwise determined under this chapter for the taxable year, 90 per cent of such excess credit, to the extent authorized by the offshore wind tax incentive program, shall be refundable to the corporation. Excess credit amounts shall not be carried forward to other taxable years.

(4) The department of revenue shall issue the refundable portion of the jobs credit without further appropriation and in accordance with the cumulative amount, including the current year costs of incentives allowed in previous years, which shall not exceed $35,000,000 annually as set forth in subsection (d) of section 8A of chapter 23J.

Last updated:	November 10, 2022