760 CMR, § 54.10 - Carryforward of Credit
(1)
Carryforward Period. Any amount of any Massachusetts
low-income housing tax credit that exceeds the claimant's tax due may be carried
forward to any of the five subsequent taxable years.
(2)
Transfer of
Carryforward. A taxpayer who transfers an unclaimed portion of the
credit pursuant to
760 CMR
54.07(1) may choose whether or
not to include carryforward credit from prior years in the transfer.
(3)
Transferee Treated Like Original
Owner. For the purpose of determining the carryforward period, the
transferee shall be bound by the same schedule for claiming a credit as the taxpayer
originally entitled to the credit as an owner of a qualified Massachusetts project,
regardless of how often the credit has been transferred.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.