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Tax Credits

SECTION 45.   Section 32E of said chapter 63, as amended by section 5 of chapter 310 of the acts of 2008, is hereby further amended by striking out subsections (a) and (b) and inserting in place thereof the following two subsections:-

(a) This section shall apply to credits earned under section 38X.

(b) At the written election of a taxpayer entitled to a credit under section 38X, 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 90 per cent of the balance of the credits.