Monday, June 4, 2012
First ever report provides information on thirteen refundable or transferable tax credits
Secretary of Administration and Finance Jay Gonzalez today announced the release of the first-ever Massachusetts Tax Credit Transparency Report by the Department of Revenue. Proposed by Governor Patrick and enacted by the legislature in the FY2011 budget, a new law requires all agencies with certain tax credits to report to DOR the identity of the awarded taxpayer and the credit program from which the award was made, the amount of the credit by taxpayer and project, and the date of the award by taxpayer and project for the previous calendar year.
“The Patrick-Murray Administration continues to build on its record of making government spending more transparent to the public with today’s publication of the Tax Credit Report,” said Secretary Gonzalez. “This release, along with other transparency initiatives like the recent launch of ‘Open Checkbook’ on the state’s website gives taxpayers access to information they need and deserve to understand how government funds are being spent and to hold those of us in government accountable for the management of their tax dollars.”
The report contains information on thirteen tax credits including: Film Tax Credit, Historic Rehabilitation Tax Credit, Low-Income Housing Tax Credit, Brownfields Tax Credit, Medical Device Company Tax Credit, Dairy Farmer Tax Credit, Life Sciences Tax Incentive Program – Investment Tax Credit, Life Sciences Tax Incentive Program – User Fees Credit, Life Science Tax Incentive Program – Research Credit, Life Science Tax Incentive Program – Jobs Credit, Economic Development Incentive Program Credit, Certified Housing Development Tax Credit, and Conservation Land Tax Credit.
“DOR is dedicated to providing accurate information that is easily accessible to the general public while also maintaining our commitment to taxpayer confidentiality,” Commissioner Pitter said. “This first-of-its-kind report provides an important overview of the more than $170M worth of combined calendar 2011 credits awarded or issued beginning January 1, 2011.”
The issuance of the Massachusetts Tax Credit Transparency Report comes a month after the Tax Expenditure Commission, chaired by Secretary Gonzalez, released the report of the Tax Expenditure Commission on the various exemptions, deductions and credits in the Massachusetts tax code, and recommendations on methods for measuring, reviewing, and reporting on their effectiveness. A link to the report can be found here: http://www.mass.gov/dor/tax-professionals/news-and-reports/tax-expenditure-commission-materials. In addition, a recent announcement by the Massachusetts Public Interest Research Group (MASSPIRG) ranked the state fourth in the nation in government spending transparency and upgraded Massachusetts to a grade of “A-” in 2012 from a “B+” in 2011 for its efforts to increase the availability of comprehensive and reliable fiscal data.
To view the Massachusetts Tax Credit Transparency Report in its entirety, please go to: http://www.mass.gov/dor/tax-professionals/news-and-reports/massachusetts-tax-credit-transparency-reports/