Bill > H3091

This bill establishes a Massachusetts artist workspace tax credit program designed to incentivize the creation and renovation of artist workspaces within designated cultural districts. The tax credit allows taxpayers (both individuals and corporations) to receive a state tax credit for constructing new buildings or renovating existing buildings that provide workspace for artists. The Department of Housing and Community Development will authorize up to $20,000,000 annually in tax credits, which can be claimed equally over 5 years and are not refundable, though excess credits can be carried forward for up to 5 subsequent years. To qualify, projects must be located in a recognized cultural district and be placed in service after January 1, 2016. Taxpayers must obtain an eligibility statement from the department and submit it with their tax return to claim the credit. The bill provides flexibility for taxpayers to potentially convert the tax credit into a loan by transferring the credit to the department. The program is capped at 7 taxable years per qualified project, and both the Department of Housing and Community Development and the Department of Revenue will oversee compliance, with the ability to require additional documentation and report any noncompliance to appropriate authorities.

Budget and Finance

https://malegislature.gov/Bills/194/H3091