2.607 -Harbor Maintenance Tax Credit

Item	Description	FY2011	FY2012	FY2013	FY2014	FY2015
2.607	Harbor Maintenance Tax Credit Corporations are allowed to take a credit against the corporate excise for certain harbor maintenance taxes paid to the U.S. Customs Service pursuant to IRC sec. 4461. A corporation is eligible for the credit if the tax paid is attributable to the shipment of break-bulk or containerized cargo by sea and ocean-going vessels through a Massachusetts harbor facility. The credit is not subject to the 50% limitation; however, it may not reduce the tax liability to less than the minimum excise of $456. The credit may be carried forward for up to 5 years, but is neither refundable nor transferable. Origin: M.G.L. c. 63, S. 38P Estimate: $1.6	1.4	1.4	1.4	1.6	1.6

Key:

ORIGIN
IRC	Federal Internal Revenue Code (26 U.S.C.)
M.G.L.	Massachusetts General Laws
U.S.C	United States Code
ESTIMATES	All estimates are in $ millions.