Governor Charles D. Baker's Budget Recommendation - House 1 Fiscal Year 2018

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1.610 -Historic Buildings Rehabilitation Credit

Item Description FY2014 FY2015 FY2016 FY2017 FY2018
1.610 Historic Buildings Rehabilitation Credit
To claim this credit, a historic rehabilitation project must be complete and have been certified by the Massachusetts Historical Commission (MHC), which determines the amount of qualifying expenditures. Filers may claim up to 20% of their qualified rehabilitation expenditures.

The expenditure for this item (combined with the Historic Rehabilitation Credit for corporate income tax filers, item 2.610 ) was originally capped at $15 million per year, with a start date for the credit of January 1, 2005 and an end date of December 31, 2009. Chapter 123 of the Acts of 2006 extended the availability of the credit for an additional 2 years, to December 31, 2011. Again, Chapter 131 of the Acts of 2010 extended the availability of the credit for an additional 6 years to December 31, 2017, with an annual cap of $50 million. Chapter 165 of the Acts of 2014 , further extends this credit, including the $50 million annual limit, for an additional five years to December 31, 2022.

Effective August 13, 2014, MHC is allowed, subject to certain criteria, to transfer HRC awards to taxpayers subject to the personal income tax imposed by G.L.c. 62 that acquire a qualified historic structure. In the case of a multi-phased project the MHC is allowed to transfer HRC awards for any phase that meets the criteria. Effective August 10, 2016, such transfer is also allowed for taxpayers subject to the corporation excise under G.L. c. 63 . See TIR 14-13 and 16-15.

Origin: M.G.L. c. 62, § 6J
Estimate:   $6.7 		6.4 5.5 5.5 6.1 6.7

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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