Bill > H3662

This bill provides certain tax credits for the development of affordable housing or housing insecurity facilities. Specifically, it allows individual taxpayers and business corporations a 25% tax credit, up to $750,000 per taxpayer or business corporation, for qualified development expenditures incurred in converting vacant properties into affordable housing or housing insecurity facilities like homeless shelters, veterans' shelters, and domestic violence shelters. The total amount of tax credits authorized under this bill is capped at $20 million per year, and the Department of Housing and Community Development is responsible for approving qualified development expenditures and providing notice to the Commissioner of Revenue. The bill also requires the department to submit an annual report on the tax credits claimed and refunded under this program.

Budget and Finance

https://malegislature.gov/Bills/193/H3662