Bill > H2447

This bill expands an existing income tax credit in Massachusetts General Laws Chapter 62, Section 6, which is part of the state's tax code, to help homeowners with the costs of dealing with their wastewater systems. Specifically, it makes the credit "refundable," meaning that if the credit amount is more than the taxes owed, the taxpayer will receive the difference back as a refund, rather than just reducing their tax liability to zero. The bill also removes the requirement that a cesspool or septic system must be "failed" to qualify for the credit, broadening eligibility to include systems that may need repair or replacement for other reasons. Additionally, it increases the number of subsequent tax years a taxpayer can carry forward any unused portion of the credit from five years to ten years, while the aggregate maximum credit remains $6,000. This legislation aims to incentivize property owners to invest in their wastewater infrastructure, which is crucial for public health and environmental protection.