(1)
Taxpayer Requirements. In order to claim the credit for
standard LIHTC, a taxpayer must provide to the Commissioner the following:
(a) eligibility statement as provided in 760 CMR
54.13(2);
(b) allotment certification,
if applicable, as provided in 760 CMR
54.13(3);
(c) transfer statement, if applicable, as provided
in 760 CMR
54.13(4) (with a copy of transfer contract, if applicable, as provided in
760 CMR
54.07(2)); and
(d) Massachusetts carryover allocation agreement,
if applicable, as provided in
760 CMR
54.09(1).
(2)
Taxpayer Requirements - Donation
LIHTC. In the case of Donation LIHTC, a taxpayer must provide to the
Commissioner all of the items listed in 760 CMR
54.13(1) and, in addition, the
following:
(a) documentation to verify that the
recipient of the qualified donation is a DTC sponsor, as that term is defined in
M.G.L. c. 63, § 31H(a) and M.G.L. c. 62, § 6I(a).
(b) documentation to verify that the qualified
donation did occur (e.g., recorded deed, receipt/affidavit from DTC
sponsor, etc.)
(3)
Eligibility
Statement. The Department shall adopt a form of eligibility statement
to be issued by the Department evidencing a Qualified Massachusetts Project's
eligibility for Massachusetts low-income housing tax credit. Each taxpayer claiming
any Massachusetts low-income housing tax credit with respect to a project shall file
a copy of the eligibility statement with each Massachusetts tax return on which any
Massachusetts low-income housing tax credit is claimed.
(4)
Allotment
Certification. The Commissioner, in consultation with the Department,
shall provide a form of allotment certification to be filed by any unincorporated
flow-through entity:
(a) that is the owner of a
project with respect to which Massachusetts low-income housing tax credit has been
allocated; or
(b) to which the right to
claim a Massachusetts low-income housing tax credit has been allotted or
transferred. The entity shall file such certification with the Commissioner
following the close of the first taxable year in the credit period or the first
taxable year the entity holds the right to claim credit, whichever is later. Such
certification shall provide the name and federal taxpayer identification number of
each taxpayer with an interest in the entity on the date the project met all of the
requirements of
760 CMR
54.08, and shall also indicate the amount of
Massachusetts low-income housing tax credit allotted to each such taxpayer. The
certification shall also contain such other information as the Commissioner may from
time to time require. Each taxpayer claiming any Massachusetts low-income housing
tax credit by way of a flow-through entity shall file a copy of such certification
with each Massachusetts tax return on which any Massachusetts low-income housing tax
credit is claimed.
(5)
Transfer Statement. The Commissioner, in consultation with
the Department, shall promulgate a form of transfer statement to be filed by any
person who transfers the right to claim Massachusetts low-income housing tax credit
with respect to a Qualified Massachusetts Project. The transfer statement shall be
required in addition to the transfer contract required in
760 CMR
54.07(2).
The transferor shall file a transfer statement with the Commissioner
within 30 days after transfer. The transferor shall also provide a copy of such
statement to the owner of the project with respect to which the transferred credit
was allocated within 30 days after transfer. The transfer statement shall provide
the name and federal taxpayer identification number of each taxpayer to whom the
filing transferor transferred the right to claim any Massachusetts low-income
housing tax credit with respect to the project and shall also indicate the amount of
Massachusetts low-income housing tax credit, including any carry forward credit,
transferred to each such person or entity. The statement shall also contain such
other information as the Commissioner may from time to time require. A copy of the
transfer contract, if required under
760 CMR
54.07(2), shall be attached to
the transfer statement. Each taxpayer claiming any Massachusetts low-income housing
tax credit shall file with each Massachusetts tax return on which any Massachusetts
low-income housing tax credit is claimed copies of all transfer statements and
transfer contracts necessary to enable the Commissioner to trace the claimed credit
to the credit that was initially allocated with respect to the project. Each project
owner shall file copies of all transfer statements and transfer contracts received
regarding a project with such owner's annual Massachusetts tax or informational
return.
(6)
Record
keeping Requirements. Owners of qualified Massachusetts projects and
taxpayers that transfer or claim credit with respect to such projects shall be
required to keep all records pertaining to credit until the expiration of the
regulatory agreement; if a Massachusetts carryover allocation agreement is entered
into with the Department under
760 CMR
54.09(1), the records must
include a copy of the Massachusetts carryover allocation agreement and documents
relevant thereto.
