Origin: A taxpayer who holds a certificate of registration as a dairy farmer pursuant to M.G.L. Ch. 94, § 16A is allowed to take a refundable tax credit based on the amount of milk produced and sold. The Massachusetts dairy farmer tax credit was established to offset the cyclical downturns in milk prices paid to dairy farmers and is based on the U.S. Federal Milk Marketing Order for the applicable market, such that when the U.S. Federal Milk Marketing Order price drops below a trigger price anytime during the taxable year the taxpayer will be entitled to the tax credit. Effective January 1, 2023, the total cumulative value of the credits authorized pursuant to this section combined with M.G.L. c. 63, § 38Z is $8 million. These credits may not be sold or transferred to another taxpayer, but are fully refundable. See personal income tax item 1.614 for more details.
Origin: M.G.L. c. 63, §38Z
Corporate Excise Tax
Credits Against Tax
2.618
Dairy Farmer Credit
A taxpayer who holds a certificate of registration as a dairy farmer pursuant to <a href="https://malegislature.gov/Laws/GeneralLaws/PartI/TitleXV/Chapter94/Section16a" target="_blank">M.G.L. Ch. 94, § 16A</a> is allowed to take a refundable tax credit based on the amount of milk produced and sold. The Massachusetts dairy farmer tax credit was established to offset the cyclical downturns in milk prices paid to dairy farmers and is based on the U.S. Federal Milk Marketing Order for the applicable market, such that when the U.S. Federal Milk Marketing Order price drops below a trigger price anytime during the taxable year the taxpayer will be entitled to the tax credit. Effective January 1, 2023, the total cumulative value of the credits authorized pursuant to this section combined with <a href="https://malegislature.gov/Laws/GeneralLaws/PartI/TitleIX/Chapter63/Section38z" target="_blank">M.G.L. c. 63, § 38Z</a> is $8 million. These credits may not be sold or transferred to another taxpayer, but are fully refundable. See personal income tax item <a href="/tax-expenditure-budget/personal-income-tax/credits-against-tax/1-614">1.614</a> for more details.
<a href="https://malegislature.gov/Laws/GeneralLaws/PartI/TitleIX/Chapter63/Section38z" target="_blank">M.G.L. c. 63, §38Z</a>
1.1
1.5
1.5
1.5
1.5
