[ Text of section added by 2021, 24 Sec. 37 effective July 1, 2021 for tax years beginning on or after January 1, 2020. See 2021, 24, Secs. 143 and 149. Repealed by 2021, 24, Sec. 38 effective January 1, 2025. See 2021, 24, Sec. 148.]
Section 38II. (a) As used in this section, the following words shall have the following meanings unless the context clearly requires otherwise:
"Commissioner'', the commissioner of revenue.
"Cranberry bog'', an area actively cultivated for the harvesting or production of cranberries.
"Qualified renovation'', the renovation, repair, replacement, regrading or restoration of a cranberry bog for the cultivation, harvesting or production of cranberries or any other activity or action associated with the renovation of an abandoned cranberry bog; provided, however, that "qualified renovation'' shall not include the construction of facilities or structures for the processing of cranberries.
"Qualified renovation expenditure'', an expenditure or a cost directly incurred in connection with the qualified renovation of a cranberry bog; provided, however, that "qualified renovation expenditure'' shall not include costs incurred in acquiring or purchasing property for the construction of facilities or structures for the cultivation, harvesting or production of cranberries.
"Secretary'', the secretary of energy and environmental affairs.
"Taxpayer'', a taxpayer subject to taxation under this chapter.
(b)(1) A taxpayer primarily engaged in cranberry production shall be allowed a credit against the taxes imposed by this chapter equal to 25 per cent of the total qualified renovation expenditures incurred in connection with the qualified renovation of a cranberry bog during the taxable year; provided, however, that the amount of the credit that may be claimed by a taxpayer under this section shall not exceed $100,000.
(2) The credit under this section shall be taken against the taxes imposed under this chapter and shall be refundable. The commissioner shall apply the credit against the liability of the taxpayer as determined on its return, as first reduced by any other available credits, and shall then refund to the taxpayer the balance of the credits. If the amount of the credit allowed under this section exceeds the taxpayer's tax liability, the commissioner shall treat the excess as an overpayment and shall pay the taxpayer the entire amount of the excess. Any amount of the tax credit that exceeds the tax due for a taxable year may be carried forward by the taxpayer to any of the 5 subsequent taxable years.
(3) The secretary, in consultation with the commissioner of agricultural resources, shall authorize annually tax credits under this subsection together with subsection (w) of section 6 of chapter 62 in an amount not to exceed $2,000,000 per taxable year. No credits shall be allowed under this section except to the extent authorized in this section.
(c) For a taxpayer to qualify for the credit provided for under this section, the taxpayer shall file with the secretary a summary of qualified renovation expenditures in connection with the qualified renovation. The secretary shall approve the summary of qualified renovation expenditures and provide notice to the commissioner. Any qualified renovation expenditures applicable to this credit shall be treated for purposes of this section as made on the date that the secretary provides notice of the certification to the commissioner.
(d) Any portion of tax credits not awarded by the secretary in a calendar year shall not be applied to awards in a subsequent calendar year. The secretary shall provide any documentation that the commissioner may deem necessary to confirm compliance with paragraph (3) of subsection (b) and the commissioner shall provide a report confirming compliance to the secretary of administration and finance.
(e) Annually, not later than September 1, the secretary shall file a report with the house and senate committees on ways and means, the joint committee on environment, natural resources and agriculture and the joint committee on revenue identifying the total amount of tax credits claimed and the total amount of tax credits refunded pursuant to this section in the preceding fiscal year.
(f) The secretary, in consultation with the commissioner of agricultural resources and the commissioner of revenue, shall promulgate regulations or other guidelines necessary for the administration and implementation of this section.
Structure Massachusetts General Laws
Part I - Administration of the Government
Chapter 63 - Taxation of Corporations
Section 2 - Financial Institutions; Excise Rate
Section 2a - Financial Institutions; Determination of Net Income
Section 2b - S Corporations; Excise Rate; Determining Factors of Amount
Section 7 - Effect of Assessment on Other Levies
Section 20 - Premiums Subject to Taxation; Rate
Section 21 - Additional Tax on Foreign Companies
Section 22 - Domestic Companies Other Than Life; Premiums Subject to Taxation; Rate
Section 22a - Domestic Companies; Annual Total Gross Investment Income Earned Tax
Section 22b - Investment Privilege Excise; Net Investment Income
Section 22c - Credit Against Investment Privilege Excise
Section 22d - Gains, Determination for Investment Privilege Excise Purposes; Definitions
Section 23 - Foreign Companies; Premiums Subject to Taxation; Rate
Section 24a - Retaliatory Taxes; Applicability and Reciprocal Exemption; Definition
Section 26 - Examination of Records
Section 28 - Payment; Time; Basis for Liability
Section 29 - Liability for Taxes
Section 29a - Fire and Marine Companies; Tax on Underwriting Profit; Computation
Section 29b - Taxation of Reciprocal or Inter-Insurance Exchange Agents
Section 29c - Life Insurance Companies; Credits Against Taxes Imposed by Secs. 20 and 22
Section 30 - Definitions; Value of Tangible Property; Net Worth
Section 31a - Investment Credit for Certain Corporations; Limitations
Section 31c - Credit for Certain Corporations; Increase in Number of Full-Time Employees
Section 31d - Definitions Applicable to Secs. 31d to 31f
Section 31e - Credit for Company Shuttle Van Purchase or Lease Expenses
Section 31f - Vanpool Vehicle Registration; Fee
Section 31h - Definitions; State Low-Income Housing Tax Credit; Eligibility; Allocation; Recapture
Section 31i - Transactions With Related Members; Adding Back of Certain Deductions
Section 31k - Deductible Interest; Adjustments; Applicability
Section 31l - Medical Device Company Tax Credit; Credit Transfer Program
Section 31m - Life Sciences Tax Credit
Section 31n - Determination of Gross Income; Adjustment to Federal Gross Income
Section 32c - Maximum Amount of Credits; Carryover
Section 32d - S Corporations; Net Income Measure
Section 38 - Determination of Net Income Derived From Business Carried on Within Commonwealth
Section 38a - Taxable Net Income
Section 38e - Eligible Business Facility; Excise Credit
Section 38g - Reporting Wholly-Owned Disc Income
Section 38h - Alternative Energy Sources; Deduction
Section 38i - Wages Deemed Compensation Paid in Commonwealth; Deduction; Election
Section 38j - Qualified Research Contribution Deduction
Section 38l - Natural Heritage and Endangered Species Fund; Contributions
Section 38m - Credit Against Amount of Excise Due; Research Expenses
Section 38n - Economic Development Incentive Program; Tax Credit for Certified Projects
Section 38o - Economic Target Areas; Tax Deduction for Renovation of Abandoned Buildings
Section 38p - Harbor Maintenance Taxes; Credit
Section 38q - Environmental Response Actions; Credit
Section 38r - Massachusetts Historic Rehabilitation Tax Credit
Section 38s - Automatic Sprinkler System; Depreciation Deduction
Section 38u - Credit for Cost of Qualifying Property; Life Sciences
Section 38v - Deductions for Qualifying Clinical Testing Expenses; Certified Life Sciences Company
Section 38w - Credit for Qualified Research Expenses; Life Sciences
Section 38y - Unrelated Business Taxable Income for Certain Exempt Corporations
Section 38z - Dairy Farm Tax Credit Program
Section 38bb - Credit Against Taxes Imposed for a Certified Housing Development Project
Section 38cc - Life Sciences Refundable Jobs Credit
Section 38dd - Credit Against Excise Tax Imposed Under Secs. 2(b), 2b(b) or 39(b)
Section 38ee - Community Investment Tax Credit
Section 38gg - Hiring of Qualified Veterans; Excise Tax Credit
Section 38hh - Credit for Wages Paid to Qualified Apprentice
Section 38ii - Cranberry Production
Section 38jj - Tax Credits for Qualified Employees With Disabilities
Section 39a - Tax on Business Subsidiary Corporation
Section 42 - Alternative Method of Determining Net Income
Section 42a - Taxable Net Income
Section 42b - Manufacturing and Research and Development Corporations
Section 52 - Unconstitutionality of Excise Tax Law; Effect; Revival of Former Act
Section 59 - Assessment of Additional Taxes
Section 67 - Assessment; Rate; Return; Deductions
Section 68 - Effect on Other Taxes
Section 68a - Conflict Between Local and State Valuations; Remedy
Section 68c - Exemption From Excise Under Sec. 39 for Certain Business Corporations
Section 69 - Inspection of Records; Examination of Officers
Section 79 - Penalty for Failure to Make Return for Corporate Franchise Tax