Code of Massachusetts Regulations › 301 CMR - EXECUTIVE OFFICE OF ENERGY AND ENVIRONMENTAL AFFAIRS › Title 301 CMR 16.00 - Cranberry Bog Renovation Tax Credit › Section 16.02 - Definitions

Current through Register 1525, July 5, 2024
The following words shall have the following meanings in 301
				CMR 16.00, unless the context clearly indicates otherwise.
Annual Program Cap
. The amount of tax
				credits authorized for a taxable year by the General Court.
Applicant
. A taxpayer who submits an
				Application to the Secretary for a Cranberry Bog Renovation Tax Credit pursuant
				to 301 CMR 16.00.
Application
. An application by an
				Applicant to the Secretary for a Cranberry Bog Renovation Tax Credit.
Calendar Tax Credit Year
or
CTCY
. The designated calendar year for which the
				Secretary may authorize a Cranberry Bog Renovation Tax Credit pursuant to 301
				CMR 16.00.
Commissioner
. The Commissioner of
				Revenue or the Commissioner's duly authorized representative.
Cranberry Bog
. An area actively
				cultivated for the harvesting or production of cranberries.
Cranberry Bog Renovation Tax Credit
. A
				tax credit authorized by the Secretary pursuant to 301 CMR 16.00 and either
				M.G.L. c. 62, § 6(w) or M.G.L. c. 63, § 38II.
Cranberry Bog Renovation Tax Credit Certificate
				Number
. A unique identification number issued to a Taxpayer by the
				Secretary, certifying the total approved Qualified Renovation Expenditures
				incurred by a Taxpayer and the associated authorized tax credit for a
				designated CTCY.
Project
. The entirety of the work
				proposed by a taxpayer in an Application.
Project Period
. The calendar dates for
				beginning and completing any Project Plan and incurring Qualified Renovation
				Expenditures.
Project Plan
. A document describing
				proposed Qualified Renovations for which the Applicant will seek a Cranberry
				Bog Renovation Tax Credit in a particular CTCY.
Qualified Renovation
. The renovation,
				repair, replacement, regrading or restoration of a Cranberry Bog for the
				cultivation, harvesting or production of cranberries or any other activity or
				action associated with the renovation of an abandoned Cranberry Bog; provided,
				however, that Qualified Renovation shall not include the construction of
				facilities or structures for the processing of cranberries.
Qualified Renovation Expenditure
. An
				expenditure or cost directly incurred in connection with a Qualified Renovation
				of a Cranberry Bog; provided, however, that Qualified Renovation Expenditure
				shall not include costs incurred in acquiring or purchasing property for the
				construction of facilities or structures for the cultivation, harvesting or
				production of cranberries. An expenditure or cost is directly incurred in
				connection with a Qualified Renovation if it is:
(a) incurred by the Applicant and not subsequently reimbursed
				to the Applicant;
(b) incurred in connection with the Qualified Renovation of a
				Cranberry Bog located in the Commonwealth of Massachusetts;
(c) incurred in compliance with applicable laws, regulations,
				permits, licenses, or other legal requirements or authorizations;
(d) incurred specifically for a Qualified Renovation and is not
				a general business expense such as a vehicle purchase;
(e) incurred as a result of an arms-length commercial
				transaction memorialized by a written receipt or invoice, and not by the
				provision of labor or other in-kind goods or services performed or provided by
				the Applicant or any Related Entity; and
(f) for expenditures incurred starting in CTCY 2023, incurred
				after the Secretary's notification of eligibility for an Application.
Related Entity
. An entity that has,
				directly or indirectly, substantial ownership, direction or control in common
				with an Applicant.
Secretary
. The Secretary of Energy and
				Environmental Affairs or the Secretary's duly authorized representative.
Taxpayer
. Any individual or entity
				subject to taxation under M.G.L. c. 62 or M.G.L. c. 63 and eligible for a
				credit under M.G.L. c. 62, § 6(w) or M.G.L. c. 63, § 38II, as
				applicable.
Taxpayer Primarily Engaged in Cranberry
				Production
. A Taxpayer engaged in agriculture, as defined by
				M.G.L. c. 128, § 1A, that generates sales from cranberry production equal
				to 50% or more of its total revenue.