After speaking with some of our clients, most claim that tax savings is an ongoing challenge. And while this may appear to be a blinding grasp of the obvious, what is less apparent is what the most successful companies importing into the Port of Boston are actually doing to address this challenge. Through our market research, we discovered that many these Massachusetts based firms are unaware of a tax credit offered by the Massachusetts Department of Revenue.
Did you know that Massachusetts is the only state that offers a dollar-for-dollar tax credit on the Harbor Maintenance Tax your firms pays on each ocean import shipment?
The Harbor Maintenance Tax Credit (HMTC) is available through the Port of Boston and the credit can be applied against current and future taxes paid in the Commonwealth. In 2011, the Massachusetts Department of Revenue reported only 60 companies claimed a total of $1,504,000 in the HMTC program. OCEANAIR wants to ensure that you are not missing out on an opportunity to recoup past tax credits or receive this credit on an upcoming shipment.
OCEANAIR can help your business take advantage of the HMTC by guiding you through the process of understanding the program qualifications; completing required forms; and meeting the requirements necessary to receive the tax credit. Our representatives would be happy to discuss the nuances and benefits of the HMTC with you in more detail. Please keep in mind that Massachusetts offers a three-year window to amend tax returns, so do not delay in taking action. We look forward to assisting you with this program and any other needs your firm may have.