MASSACHUSETTS DEPARTMENT OF REVENUE REGULATION FACT SHEET

TITLE: 830 CMR 63.38N.1: Economic Opportunity Area Credit

SUMMARY OF REGULATION: 830 CMR 63.38N.1: Economic Opportunity Area Credit Regulation

  • defines relevant terms;
  • explains the general rules for availability of the credit;
  • explains what taxpayers are eligible for the credit;
  • explains what property is eligible for the credit;
  • explains what costs are eligible for the credit;
  • explains how to calculate the credit;
  • explains limitations on the credit;
  • explains the rules for carry over of the credit;
  • explains the rules for recapture of the credit;
  • explains how unincorporated flow-through entities claim the credit;
  • explains rules for availability of the credit for S corporations or their shareholders;
  • explains how combine groups may share the credit; and
  • sets forth rules for controlled groups and entities under common control.

SUMMARY OF REGULATION AMENDMENT/REASON FOR CHANGE: 830 CMR 63.38N.1: Economic Opportunity Area Credit Regulation amendments do the following: add several necessary definitions in section (2); delete an obsolete statutory reference in section (4)(b); clarify in section (6) that the notice to the municipality triggering the credit must be in writing; and rewrite the recapture provisions in section (11) to clarify them.

REGULATORY HISTORY:
Regulation Promulgated: 11/13/1998
Regulation Amended: 7/13/2007

PREPARED BY:
Massachusetts Department of Revenue
Rulings and Regulations Bureau
100 Cambridge Street, 7 th floor
Boston, Massachusetts 02114
(617) 626-3250
FAX: (617) 626-3290