Massachusetts § 38LL Refundable credit for capital investment in an offshore wind facility;  amount;  eligibility;  limitations;  administration

Massachusetts Statutes

§ 38LL — Refundable credit for capital investment in an offshore wind facility; amount; eligibility; limitations; administration

Massachusetts § 38LL

Part IADMINISTRATION OF THE GOVERNMENT

Title IXTAXATION

Ch. 63TAXATION OF CORPORATIONS

This text of Massachusetts § 38LL (Refundable credit for capital investment in an offshore wind facility; amount; eligibility; limitations; administration) is published on Counsel Stack Legal Research, covering Massachusetts primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mass. Gen. Laws ch. 63, § 38LL (2026).

Text

[ Text of section effective until January 1, 2033 for taxable years beginning on or after January 1, 2023. Repealed by 2022, 268, Sec. 272. See 2022, 268, Secs. 271 and 273.]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.[ Paragraph (2) of subsection (a) effective until November 20, 2024. For text effective November 20, 2024, see below.]

(2)A corporation taking a credit under t

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[ Text of section effective until January 1, 2033 for taxable years beginning
on or after January 1, 2023. Repealed by 2022, 268, Sec. 272. See 2022, 268,
Secs. 271 and 273.]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.[ Paragraph (2) of subsection (a) effective until November 20, 2024. For text
effective November 20, 2024, see below.](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.[ Paragraph (2) of subsection (a) as amended by 2024, 238, Sec. 209 effective
November 20, 2024. For text effective until November 20, 2024, see above.](2) A corporation taking a credit under this section shall commit to the
creation of not less than of 10 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 corporationâ€™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[ There is no subsection (b).]