Domestic and foreign 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, § 38P
Tax Type
Tax Expenditure
Item Number
Item Name
Description
Origin
FY2017
FY2018
FY2019
FY2020
FY2021
Corporate Excise Tax
Credits Against Tax
2.607
Harbor Maintenance Tax Credit
Domestic and foreign 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 <a href="http://www.law.cornell.edu/uscode/html/uscode26/usc_sec_26_00004461----000-.html" target="_blank">IRC sec. 4461</a>. 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.
<a href="https://malegislature.gov/Laws/GeneralLaws/PartI/TitleIX/Chapter63/Section38p" target="_blank">M.G.L. c. 63, § 38P</a>
1.0
1.1
1.2
1.2
1.3
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