Code of Massachusetts Regulations
760 CMR - HOUSING AND LIVABLE COMMUNITIES, EXECUTIVE OFFICE OF
Title 760 CMR 66.00 - Housing Development Incentive Program - Chapter 40v
Section 66.07 - Housing Development Tax Credits (HDTC)

Universal Citation: 760 MA Code of Regs 760.66

Current through Register 1531, September 27, 2024

In addition to the standards and requirements set out in M.G.L. c. 40V, § 5, c. 62, § 6(q) and c. 63, § 38BB, HDTC shall be awarded and administered as follows.

(1) Eligible Projects. Only projects that have received a Conditional Certification pursuant to 760 CMR 66.05(2) and are located in a HD Zone for which the Department's approval of the applicable HD Agreement has not been suspended or revoked are eligible for an award of HDTC.

(2) Prerequisites to Claiming Credit.

(a) Project Requirement. HDTC may not be claimed by any taxpayer until the Department has issued a Final Certification for the HD Project.

(b) Taxpayer Requirements. In order to claim the credit, a taxpayer must provide to the Commissioner the following:
1. Eligibility Statement as provided in 760 CMR 66.07(3);

2. Allotment Certification, if applicable, as provided in 760 CMR 66.07(4);

3. Transfer Statement, if applicable, in accordance with the requirements of the Commissioner; and

4. Massachusetts Carry Forward Agreement, if applicable, in accordance with the requirements of the Commissioner.

(3) Eligibility Statement. The Department shall adopt a form to be issued by the Department that evidences a HD Project's eligibility for HDTC. Each taxpayer claiming any HDTC shall file a copy of the Eligibility Statement with each Massachusetts tax return on which any HDTC is claimed.

(4) Allotment of Credit among Partners, Etc . Whenever a HD Project with respect to which HDTC has been awarded is owned by an unincorporated flow-through entity, such as a partnership, limited liability company or joint venture, or is owned through a joint tenancy or similar ownership arrangement, the owners of such project shall certify to the Commissioner the amount of HDTC allotted to each member, partner or owner on a form designated by the Commissioner.

(5) Application Process and Administrative Fees. The HDTC application process and administrative procedures and fees shall be established from time to time by the Department in the HDIP Guidelines.

Disclaimer: These regulations may not be the most recent version. Massachusetts may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.