§ 38TT — Refundable jobs credit under climatetech tax incentive program

Massachusetts § 38TT

• Jurisdiction: Massachusetts
• Part I: ADMINISTRATION OF THE GOVERNMENT
• Title IX: TAXATION
• Ch. 63: TAXATION OF CORPORATIONS

Text

[ Text of section added by 2024, 238, Sec. 212 effective November 20, 2024 for
tax years beginning on or after January 1, 2024. See 2024, 238, Sec. 325.]Section 38TT. (a) A taxpayer, to the extent authorized by the climatetech
tax incentive program established in subsection (d) of section 16 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.(b) A taxpayer taking a credit under this section shall commit to the creation
of not less than 5 net new permanent full-time employees in the commonwealth.(c) A credit allowed under this section shall reduce the liability of the
taxpayer under this chapter for the taxable year. If a credit claimed under this
section by a taxpayer exceeds the taxpayer'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 climatetech tax incentive program, shall be refundable
to the taxpayer. Excess credit amounts shall not be carried forward to other
taxable years.(d) 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 $30,000,000 annually as set forth in subsection (d) of
section 16 of chapter 23J.