760 CMR, § 66.07 - Housing Development Tax Credits (HDTC)

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.

Notes

760 CMR, § 66.07

Amended by Mass Register Issue 1336, eff. 4/7/2017.