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, 2023) cap on the amount of credit that may be awarded under the program in a calendar year. Before 2017, the cap is part of an over-all $25 million ($30 million for 2015 and 2016) 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: Origin: St. 2010, c. 240; M.G.L. c. 40V; M.G.L. c. 63, § 38BB
Corporate Excise Tax
Credits Against Tax
2.622
Certified Housing Development 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 <a href="https://malegislature.gov/Laws/GeneralLaws/PartI/TitleIX/Chapter62/Section6" target="_blank">G.L. c. 62, § 6</a> and <a href="https://malegislature.gov/Laws/GeneralLaws/PartI/TitleIX/Chapter63/Section38BB" target="_blank">section 38BB to G.L. c. 63</a>. 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 <a href="https://malegislature.gov/Laws/GeneralLaws/PartI/TitleVII/Chapter40v/Section1" target="_blank">G.L. c. 40V, § 1</a>.<BR>There is a $5 million ($10 million from January 1, 2015 to December 31, 2023) cap on the amount of credit that may be awarded under the program in a calendar year. Before 2017, the cap is part of an over-all $25 million ($30 million for 2015 and 2016) cap imposed on the Economic Development Incentive Program (EDIP) credit authorized pursuant to <a href="https://malegislature.gov/Laws/GeneralLaws/PartI/TitleIX/Chapter62/Section6" target="_blank">G.L. c. 62 § 6(g)</a> and <a href="https://malegislature.gov/Laws/GeneralLaws/PartI/TitleIX/Chapter63/Section38N" target="_blank">c. 63, 38N</a>. <BR>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: <a href="https://malegislature.gov/Laws/SessionLaws/Acts/2010/Chapter240" target="_blank">St. 2010, c. 240</a>; M.G.L. <a href="https://malegislature.gov/Laws/GeneralLaws/PartI/TitleVII/Chapter40v" target="_blank">c. 40V</a>; M.G.L. <a href="https://malegislature.gov/Laws/GeneralLaws/PartI/TitleIX/Chapter63/Section38bb" target="_blank">c. 63, § 38BB</a>
4.7
7.3
9.0
9.0
9.0
