Bill H.2512 187th (2011 - 2012)

SECTION 1: Chapter 25A of the General Laws is hereby amended by inserting after section 11F1/2(d) the following new section:

(e) Green Jobs Investment Tax Credit for Flywheel Energy Storage.

The Investment Tax Credit (“Credit”) is available to those who invest (“Recipient”) in an alternative energy generating source ("Source") as specified in Section 11F1/2(a)(3) of the Green Communities Act. The Credit is equal to thirty percent of the total project cost for that year. The Credit with respect to all Sources shall have a total Credit limitation of $40,000,000. Such limitation shall be allocated for taxable years beginning after the date of enactment, except that not more than $10,000,000 shall be allocated to any project for such taxable year. The credit can be used to offset Massachusetts individual or corporate income or excise tax. If the Recipient cannot take the full tax credit, the Recipient may carry the unused credit forward for up to eight years from the date of project completion. The Credit may be transferred, in whole or part, to any third party (“Investor”) if ownership of a Source is granted in whole or part through a written agreement prior to project completion, the Credit transfers to and may be claimed by the Investor in the Source.