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.
The incentive was enacted on August 9th, 1996, applicable to qualified harbor maintenance tax paid on or after July 1st, 1996.
Origin: M.G.L. c. 63, § 38P
Corporate Excise Tax
Credits Against Tax
2.607
Harbor Maintenance 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. <BR><BR>The incentive was enacted on August 9th, 1996, applicable to qualified harbor maintenance tax paid on or after July 1st, 1996.
<a href="https://malegislature.gov/Laws/GeneralLaws/PartI/TitleIX/Chapter63/Section38p" target="_blank">M.G.L. c. 63, § 38P</a>
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1.4
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