Bill > H2540

This bill proposes changes to existing laws regarding low-income housing tax credits in Massachusetts. Specifically, it amends sections of chapters 62 and 63 of the General Laws, which deal with revenue and taxation. The core of the bill is to increase the total amount of Massachusetts low-income housing tax credits that can be authorized annually. This includes a base amount of $20,000,000 under chapter 62 and $10,000,000 under chapter 63, in addition to any unused credits from previous years or credits returned by projects. Crucially, for the period between July 1, 2016, and June 30, 2020, the bill allows for an additional $15,000,000 to be authorized specifically for preserving existing low-income housing projects whose affordability restrictions are expiring or being prepaid, often related to mortgages financed under a specific act from 1966. The relevant department is required to provide estimates for these authorizations to the commissioner by September 30 of the preceding fiscal year.