MA H3090

Creates a tax credit of up to 50% of qualified expenditures for construction or rehabilitation of water-dependent facilities in Designated Port Areas, covering costs such as building materials, fixtures, equipment, design, engineering, permitting, and labor

Caps total annual tax credits at $100,000,000, with no single municipality eligible to receive more than 50% of credits in a given year unless the Secretary of Housing and Economic Development grants a written waiver

Eligible facilities must be used exclusively for water-dependent commercial/industrial activities, seafood processing, aquaculture, water-dependent science and research, or seafood storage, along with supporting wholesale and retail uses

Credits may be carried forward for up to 5 taxable years and can be transferred to other individuals or entities; partnerships and LLCs may pass credits through to partners or members

Requires the Secretary to file an annual report by September 1 with legislative committees detailing total credits claimed and transferred, with recapture provisions applying if facilities are disposed of or cease qualifying use