1.619 -Certified Housing Development Tax Credit

Item	Description	FY2015	FY2016	FY2017	FY2018	FY2019
1.619	Certified Housing Development Tax Credit Certified Housing Development Program provides a credit for certain qualified rehabilitation expenditures with respect to a certified housing development projects created by adding subsection (q) to G.L. c. 62, § 6 and section 38BB to G.L. c. 63. The credit may be up to 10% of the cost of "qualified substantial rehabilitation expenditures" of the market rate units within the projects as defined in G.L. c. 40V, § 1. There is a $5 million ($10 million from January 1, 2015 to December 31, 2018) cap on the amount of credit that may be awarded under the program in a calendar year. The cap is part of an over-all $25 million ($30 million from January 1, 2015 to December 31, 2018) cap imposed on the Economic Development Incentive Program (EDIP) credit authorized pursuant to G.L. c. 62 § 6(g) and c. 63, 38N. Effective January 1, 2017, the certified housing development tax credit is available for 25% of "qualified project expenditures" instead of 10% of "qualified substantial rehabilitation expenditures." The carry forward period for which the credit can be used is changed from 5 to 10 years. In addition, the annual cap is no longer a part of the overall annual cap imposed on the EDIP. For further information, see TIR 16-15. Origin: St. 2010, c. 240; M.G.L. c. 40V; G.L. c. 62, § 6(q). Estimate: $1.0	included in 1.603	included in 1.603	included in 1.603	1.0	1.0

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.