The Massachusetts offshore wind tax incentive program consists of two tax credits, a Wind Power Incentive Jobs Credit and a Wind Power Incentive Investment Credit, for offshore wind companies subject to either the personal income tax or the corporate excise. The credits are available to certified offshore wind companies only to the extent authorized by the Massachusetts Clean Energy Technology Center (the "Center"), may be claimed starting with taxable years beginning on or after January 1, 2023, share an annual cap of $35,000,000, are subject to recapture in the event that the offshore wind company's certification is revoked by the Center, and expire on January 1, 2033.
The Wind Power Incentive Jobs Credit is available to certified offshore wind companies that commit to the creation of a minimum of 50 net new permanent full-time employees in Massachusetts. Where the credit exceeds the taxpayer's liability for the taxable year, 90 percent of such excess credit may be refunded to the taxpayer. Excess credit amounts cannot be carried forward to subsequent taxable years.
The Wind Power Incentive Investment Credit is available for certified offshore wind companies that make a capital investment in an offshore wind facility that they either own or lease in an amount up to 50 percent of such investment. The total amount of the credit awarded is distributed in equal parts over five taxable years that correspond to the period in which the offshore wind company is certified. Eligibility requirements vary depending on whether the certified offshore wind company owns or leases the offshore wind facility, but, in general, the certified offshore wind company must demonstrate to the Center that (i) it has a total capital investment in an offshore wind facility that equals not less than $35,000,000; and (ii) the offshore wind facility must employ not less than 200 new full-time employees by the fifth year of the offshore wind company's certification. A certified offshore wind company claiming this credit may not also claim the Wind Power Incentive Jobs Credit or the Economic Development Incentive Program Credit provided by M.G.L. c. 63, § 38N in the same taxable year.
Origin: M.G.L. c. 23J, §8A; M.G.L. c. 63, §§38LL; 38MM
Corporate Excise Tax
Credits Against Tax
2.627
Offshore Wind Tax Incentive Program
The Massachusetts offshore wind tax incentive program consists of two tax credits, a Wind Power Incentive Jobs Credit and a Wind Power Incentive Investment Credit, for offshore wind companies subject to either the personal income tax or the corporate excise. The credits are available to certified offshore wind companies only to the extent authorized by the Massachusetts Clean Energy Technology Center (the "Center"), may be claimed starting with taxable years beginning on or after January 1, 2023, share an annual cap of $35,000,000, are subject to recapture in the event that the offshore wind company's certification is revoked by the Center, and expire on January 1, 2033. <BR><BR>The Wind Power Incentive Jobs Credit is available to certified offshore wind companies that commit to the creation of a minimum of 50 net new permanent full-time employees in Massachusetts. Where the credit exceeds the taxpayer's liability for the taxable year, 90 percent of such excess credit may be refunded to the taxpayer. Excess credit amounts cannot be carried forward to subsequent taxable years. <BR><BR>The Wind Power Incentive Investment Credit is available for certified offshore wind companies that make a capital investment in an offshore wind facility that they either own or lease in an amount up to 50 percent of such investment. The total amount of the credit awarded is distributed in equal parts over five taxable years that correspond to the period in which the offshore wind company is certified. Eligibility requirements vary depending on whether the certified offshore wind company owns or leases the offshore wind facility, but, in general, the certified offshore wind company must demonstrate to the Center that (i) it has a total capital investment in an offshore wind facility that equals not less than $35,000,000; and (ii) the offshore wind facility must employ not less than 200 new full-time employees by the fifth year of the offshore wind company's certification. A certified offshore wind company claiming this credit may not also claim the Wind Power Incentive Jobs Credit or the Economic Development Incentive Program Credit provided by M.G.L. <a href="https://malegislature.gov/Laws/GeneralLaws/PartI/TitleIX/Chapter63/Section38n" target="_blank">c. 63, § 38N</a> in the same taxable year.
M.G.L. <a href="https://malegislature.gov/Laws/GeneralLaws/PartI/TitleII/Chapter23j/Section8a" target="_blank">c. 23J, §8A</a>; M.G.L. c. 63, <a href="https://malegislature.gov/Laws/GeneralLaws/PartI/TitleIX/Chapter63/Section38ll" target="_blank">§§38LL</a>; 38MM
N.A.
N.A.
N.A.
N.A.
2.5
