| Item | Description | FY2010 | FY2011 | FY2012 |
|---|---|---|---|---|
| 2.605 | EDIP/Economic Development Incentive Program Credit
Businesses investing in qualified property in an Economic Opportunity Area are entitled to a credit against tax of 5% of the cost of the property. To qualify for the 5% 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. Sections 21 to 24 and 47 of chapter 166 of the Acts of 2009 made significant changes to the Economic Development Incentive Program (EDIP) established pursuant to G.L. c. 23A, including the tax credit provided in G.L. c. 62, S. 6(g) and G.L. c. 63, S. 38N which is a key component of the EDIP. 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. See TIR 10-1 & TIR 10-15 for further details. Origin: M.G.L. c. 62 S. 6(g), M.G.L. c. 63, S. 38N, TIR 10-1, TIR 10-15. Estimate: $19.6 |
19.1 | 19.6 | 19.6 |
| ORIGIN | |
| IRC | Federal Internal Revenue Code (26 U.S.C.) |
|---|---|
| M.G.L. | Massachusetts General Laws |
| U.S.C | United States Code |
| ESTIMATES | All estimates are in $ millions. |