By Mr. Fennell of Lynn, petition (accompanied by bill, House, No. 1219) of Robert F. Fennell and others for legislation to provide for a low-income housing tax credit for certain residents of the Commonwealth.  Housing.

The Commonwealth of Massachusetts

——————

PETITION OF:

Robert F. Fennell

Carl M. Sciortino, Jr.

Thomas M. McGee

——————

In the Year Two Thousand and Seven.

——————

An Act relative to affordable housing.

    Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

SECTION 1.  Paragraph (b)(1) of section 6I of Chapter 62 of the General Laws as appearing, is hereby amended by striking out, “(b)(1) there is hereby established a Massachusetts low-income housing tax credit.  The department may authorize annually, for the 10 year period beginning January 1, 2001, and ending December 31, 2010, under this section together with section 31H of chapter 63, the total sum of: (1)the lesser of 50 percent of the federal per capita tax credits awarded to the Commonwealth pursuant to section 42 of the 1986 Internal Revenue Code, as amended and in effect for the taxable year, or $4,000,000; (2) unused Massachusetts low-income housing tax credits, if any, for the preceding calendar years; and (3) any Massachusetts low-income housing tax credits returned to the department by a qualified Massachusetts project;” and inserting in place thereof:

(b)(1)  there is hereby established a Massachusetts low-income housing tax credit.  The department may authorize annually, under this section together with section 31H of chapter 63, the total sum of: (1) $25,000,000; (2) unused Massachusetts low-income housing tax credits, if any, for the preceding calendar years; and (3) any Massachusetts low-income housing tax credits returned to the department by a qualified Massachusetts project.

SECTION 2  Paragraph (b)(1) of section 31H of chapter 63 of the General Laws, as so appearing, is hereby amended by striking out, “(b)(1) There is hereby established a Massachusetts low-income housing tax credit.  The department may authorize annually, for the 10 year period beginning January 1, 2001, and ending December 31, 2010, under this section together with section 6I of chapter 62, the total sum of: (1) the lesser of 50 percent of the federal per capita tax credits awarded to the Commonwealth pursuant to section 42 of the 1986 Internal Revenue Code, as amended and in effect for the taxable year, or 4,000,000; (2) unused Massachusetts low-income housing tax credits if any, for the preceding calendar years; and (3) any Massachusetts low income housing tax credits returned to the department by a qualified Massachusetts project;” and inserting in place thereof:

(b)(1) There is hereby established a Massachusetts low-income housing tax credit.  The department may authorize annually, under this section together with section 6I of chapter 62, the total sum of: (1)   $25,000,000; (2) unused Massachusetts low-income housing tax credits if any, for the preceding calendar years; and (3) any Massachusetts low income housing tax credits returned to the department by a qualified Massachusetts project.