Massachusetts § 38TT - Refundable jobs credit under climatetech tax incentive program

§ 38TT. Refundable jobs credit under climatetech tax incentive program

[Text of section effective for tax years beginning on or after January 1, 2024. See 2024, 238, Sec. 325.]

Section 38TT. (a) A taxpayer, to the extent authorized by the climatetech tax incentive program established in subsection (d) of section 16 of chapter 23J, may be allowed a refundable jobs credit against the tax liability imposed under this chapter in an amount determined by the Massachusetts clean energy technology center established in section 2 of said chapter 23J, in consultation with the department of revenue.

(b) A taxpayer taking a credit under this section shall commit to the creation of not less than 5 net new permanent full-time employees in the commonwealth.

(c) A credit allowed under this section shall reduce the liability of the taxpayer under this chapter for the taxable year. If a credit claimed under this section by a taxpayer exceeds the taxpayer's liability as otherwise determined under this chapter for the taxable year, 90 per cent of such excess credit, to the extent authorized by the climatetech tax incentive program, shall be refundable to the taxpayer. Excess credit amounts shall not be carried forward to other taxable years.

(d) The department of revenue shall issue the refundable portion of the jobs credit without further appropriation and in accordance with the cumulative amount, including the current year costs of incentives allowed in previous years, which shall not exceed $30,000,000 annually as set forth in subsection (d) of section 16 of chapter 23J.