Bill > H3094

This bill establishes a tax credit program for rural housing redevelopment projects, allowing developers to receive up to a 25% tax credit for qualified project expenditures on market-rate residential units in certified rural housing developments. The credits can be transferred to other individuals or entities, with specific rules for partnerships and limited liability companies. Taxpayers can carry forward unused credits for up to 10 years after project completion, and the total amount of credits authorized in a calendar year is capped at $10 million. The credit is administered by the department of housing and community development, which will notify the tax commissioner upon project completion and verify compliance with the annual credit limit. To be eligible, developers must complete a certified rural housing redevelopment project as defined in chapter 40Z, and the credit can be applied against the taxpayer's state tax liability. The bill includes provisions for how credits can be distributed among partners or members of a development project, with transferable credits subject to specific rules about usage and carry-forward. The Massachusetts Department of Revenue will be responsible for creating regulations to implement this tax credit program.

Budget and Finance

https://malegislature.gov/Bills/194/H3094