An Act establishing the Massachusetts Maritime Commercial Development tax credit

This bill creates a tax credit for businesses constructing or rehabilitating qualifying water-dependent facilities in Massachusetts designated port areas. It provides a credit equal to up to 50% of eligible construction costs for facilities used exclusively for activities like seafood processing, aquaculture, water-dependent research, or seafood storage. The credit is capped at $100 million annually, with a requirement that no single municipality receive more than 50% of available credits in a year (unless waived by the Secretary). Businesses can transfer the credit to other entities or carry it forward for up to five years if it exceeds their tax liability in a given year.