Governor Deval Patrick's Budget Recommendation - House 1 Fiscal Year 2014

2.610 -Historic Buildings Rehabilitation Credit

Item DescriptionFY2012 FY2013 FY2014
2.610 Historic Buildings Rehabilitation Credit
To claim this credit, a historic rehabilitation project must be complete and have been certified by the Massachusetts Historical Commission, which determines the amount of qualifying expenditures. Filers may claim up to 20% of their qualified rehabilitation expenditures.

Unused portions of the credit may be carried forward for up to 5 years and transferred or sold to another taxpayer, but are not refundable. The HRC is not subject to the 50% limitation rule for corporate taxpayers. If the taxpayer disposes of the property generating the HRC, a portion of the credit may be subject to recapture.

The expenditure for this item (combined with the Historic Rehabilitation Credit for personal income tax filers, item 1.610) was originally capped at $15 million per year, with a start date for the credit of January 1, 2005 and an end date of December 31, 2009. Chapter 123 of the Acts of 2006 extended the availability of the credit for an additional two years, to December 31, 2011. Again, Chapter 131 of the Acts of 2010 extended the availability of the credit for an additional 6 years to December 31, 2017, with an annual cap of $50 million.

Insurance companies, financial institutions, and public utilities, which do not belong to regular corporate tax types, are also allowed to apply for this credit.

Origin:  M.G.L. c. 63, S. 38R; TIR 10-11
Estimate:  $47.9
47.9 47.9 47.9


IRCFederal Internal Revenue Code (26 U.S.C.)
M.G.L. Massachusetts General Laws
U.S.C United States Code
ESTIMATES All estimates are in $ millions.

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