SECTION 1.   Any company subject to Massachusetts corporate excise taxation shall be allowed a credit as hereinafter provided against its excise due. The amount of such credit shall be 30 per cent of the cost or other basis for federal income tax purposes of qualifying tangible property acquired, constructed, reconstructed, or erected during the taxable year, after deduction therefrom of any federally authorized tax credit taken with respect to such property. Qualifying property shall be tangible personal property and other tangible property including structural components of buildings acquired by purchase, as defined under section one hundred and seventy-nine (d) of the Federal Internal Revenue Code as amended and in effect for the taxable year is not taxable under chapter sixty A; used by the corporation in the commonwealth; situated in the commonwealth on the last day of the taxable year; and which (1) is depreciable under section one hundred and sixty-seven of said Code and has a useful life of four years or more, or (2) is considered recovery property under section one hundred and sixty-eight of said Code.

SECTION 2.   Qualifying property shall be limited to tangible personal property and other tangible property including structural components of buildings acquired by purchase and contained within an energy efficiency agreement executed by a utility or energy service company licensed in Massachusetts.

SECTION 3.   The total amount of credit deducted may not exceed $12,500 per company per taxable year.

SECTION 4.   Said credit shall be available only for the taxable years ending on or after December 31, 2012.  Said credit may be carried forward for not more than 3 years and may not be carried back.