An Act establishing the Massachusetts Maritime Commercial Development tax credit
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill creates a tax credit in Massachusetts to encourage investment and development related to maritime commercial activities. The credit is intended to support businesses involved in maritime industries, such as shipbuilding, repair, and related services. It aims to stimulate economic growth in these sectors by providing financial incentives for commercial development projects. The legislation seeks to bolster the state’s maritime economy.
Key provisions
- Establishes a tax credit for maritime commercial development projects.
- The credit is designed to incentivize investment in maritime-related businesses.
- Projects eligible for the credit must be located in Massachusetts.
- Specific criteria for eligible projects will be outlined in the legislation.
- The credit is intended to support jobs and economic activity in the maritime sector.
Who is affected
- Businesses involved in shipbuilding
- Maritime repair services
- Maritime-related service providers
- Investors in maritime commercial development projects
- The Massachusetts economy
Notable changes
- Creates a new tax incentive for maritime commercial development.
- Mirrors previous attempts to establish a similar tax credit in Massachusetts.
Bill text
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Sponsors
Official sponsors from legislative records.
2 on record
Primary sponsor
Cosponsor
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