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1.603 -EDIP/Economic Development Incentive Program Credit
Item | Description | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
---|---|---|---|---|---|---|
1.603 | EDIP/Economic Development Incentive Program Credit
Under the provisions of the Economic Development Incentive Program (EDIP) established pursuant to M.G.L. Ch. 23A, the Economic Assistance Coordination Council (EACC) may authorize taxpayers participating in certified projects to claim tax credits. Businesses investing in qualified property in an Economic Opportunity Area are entitled to a tax credit against the cost of the property. The EDIP credit provisions have been expanded to include "certified job creation projects" To qualify for the credit, the property must be used exclusively in a certified project in an Economic Opportunity Area. To be certified, the Economic Assistance Coordinating Council must approve a project, subject to a cap; see item # 2.605 for more details. Credit is not transferable, but is refundable for specified project types. Origin: M.G.L. c. 62, S. 6(g) Estimate: $3.7 |
2.8 | 2.8 | 3.7 | 3.7 | 3.7 |
Key:
ORIGIN | |
IRC | Federal Internal Revenue Code (26 U.S.C.) |
---|---|
U.S.C | United States Code |
M.G.L. | Massachusetts General Laws |
Rev. Rul.; C.B. | Revenue Ruling; Cumulative Bulletin of the U.S. Treasury |
ESTIMATES | All estimates are in $ millions. |
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