| Item | Description | FY2011 | FY2012 | FY2013 |
|---|---|---|---|---|
| 2.609 | Low Income Housing Credit
This credit is administered through the Massachusetts Department of Housing and Community Development (DHCD). The Low Income Housing Credit is available to taxpayers that claim a U.S. credit for the construction or development of low income housing. The amount of credit a taxpayer may claim for a qualified Massachusetts project is allocated by the DHCD and is based on a total pool of money awarded to the Commonwealth. The LIHC is not subject to the 50% limitation rule for corporate taxpayers. If the taxpayer disposes of the property generating the LIHC, a portion of the credit may be subject to recapture. Under prior law, the Massachusetts low-income housing tax credits were available only to taxpayers who had been allocated federal low-income housing tax credits. Effective August 1, 2010, the Act allows the Department of Housing and Community Development to grant state low-income housing credits (within the existing $10 million annual cap) to otherwise eligible projects that do not receive a federal low-income housing credit. The credit may be carried-forward for up to 5 years and may be transferred or sold to another taxpayer. The credit is applicable to insurance companies as well. Origin: M.G.L. c. 63, S. 31H Estimate: $38.6 |
23.2 | 37.1 | 38.6 |
| 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. |