A tax credit is allowed for qualified investments made by a taxpayer to a "community partner," i.e., a "community development corporation" or a "community support organization," selected by the Department of Housing and Community Development through a competitive process, or a community investment fund. The credit is equal to 50% of the total qualified investment made by the taxpayer for the taxable year. No credit will be allowed to a taxpayer that makes a qualified investment of less than $1,000. A taxpayer must claim the credit in the taxable year in which a qualified investment is made. The credit is refundable, or alternatively may be carried forward by the taxpayer for 5 years. The credit is not transferable. The total cumulative value of all credits authorized pursuant to M.G.L. c. 62 § 6M and M.G.L. c. 63, § 38EE cannot $3 million in taxable year 2014, $6 million in each year of taxable years 2015 through 2018, $8 million in each year of taxable years 2019 and 2020, $10 million in each year of taxable years 2021 and 2022, and $12 million in each year of taxable years 2023 through 2025.
Origin: St. 2012, c. 238, §§29, 30, 35, 36 ; M.G.L. c. 63, § 38EE; St. 2018, c. 99, §§21, 25
Corporate Excise Tax
Credits Against Tax
2.621
Community Investment Credit
A tax credit is allowed for qualified investments made by a taxpayer to a "community partner," i.e., a "community development corporation" or a "community support organization," selected by the Department of Housing and Community Development through a competitive process, or a community investment fund. The credit is equal to 50% of the total qualified investment made by the taxpayer for the taxable year. No credit will be allowed to a taxpayer that makes a qualified investment of less than $1,000. A taxpayer must claim the credit in the taxable year in which a qualified investment is made. The credit is refundable, or alternatively may be carried forward by the taxpayer for 5 years. The credit is not transferable. The total cumulative value of all credits authorized pursuant to <a href="https://malegislature.gov/Laws/GeneralLaws/PartI/TitleIX/Chapter62/Section6" target="_blank">M.G.L. c. 62 § 6M</a> and <a href="https://malegislature.gov/Laws/GeneralLaws/PartI/TitleIX/Chapter63/Section38EE" target="_blank">M.G.L. c. 63, § 38EE</a> cannot $3 million in taxable year 2014, $6 million in each year of taxable years 2015 through 2018, $8 million in each year of taxable years 2019 and 2020, $10 million in each year of taxable years 2021 and 2022, and $12 million in each year of taxable years 2023 through 2025.
<a href="https://malegislature.gov/Laws/SessionLaws/Acts/2012/Chapter238" target="_blank">St. 2012, c. 238, §§29, 30, 35, 36</a> ; M.G.L. <a href="https://malegislature.gov/Laws/GeneralLaws/PartI/TitleIX/Chapter63/Section38ee" target="_blank">c. 63, § 38EE</a>; <a href="https://malegislature.gov/Laws/SessionLaws/Acts/2018/Chapter99" target="_blank">St. 2018, c. 99, §§21, 25</a>
2.9
3.0
3.2
3.4
3.7
