This proposed law would allow a state personal income taxpayer a tax credit equal to the amount of tolls the taxpayer paid during the taxable year on all Massachusetts roads, highways, tunnels, and bridges, including the Massachusetts Turnpike and its Boston Extension, the Tobin Bridge, and the Sumner, Callahan, and Ted Williams Tunnels. Also, a corporation would be allowed a credit against its corporate excise taxes in an amount equal to all such tolls paid during the taxable year by the corporation or by its employees in furtherance of the corporation's business.

The proposed law would also allow a state personal income taxpayer a tax credit equal to the amount of excise taxes on registered motor vehicles the taxpayer paid during the taxable year. A corporation would be allowed a credit against its corporate excise taxes in an amount equal to all registered motor vehicle excise taxes the corporation paid during the taxable year.

The tax credits could not be used to reduce a personal income taxpayer's taxes below zero or a corporate excise taxpayer's taxes below the minimum levels set by state law. Any amount of tax credit not usable in a taxable year because of these limits could be carried over and used in later taxable years, for up to ten years.

The proposed law would apply to taxable years beginning on or after January 1, 2001. The proposed law states that if any of its parts were declared invalid, the other parts would stay in effect.