By Mr. Scaccia of Boston, petition (accompanied by bill, House, No. 3120) of Thomas M. Menino, Michael F. Rush and Angelo M. Scaccia relative to tax credits for expenses incurred in resolving certain environmental problems.  Revenue.

The Commonwealth of Massachusetts

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PETITION OF:

Thomas M. Menino

Michael F. Rush

Angelo M. Scaccia

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In the Year Two Thousand and Seven.

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An Act to increase the flexibility of tax credits.  .

    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.           Section 6 of Chapter 62 of the General Laws, as appearing in the 2004 Official Edition, is hereby further amended by adding the following subsection:-

(j)(7)  Any credit allowed under this subsection may be transferred by an eligible person, as defined by section 2 of chapter 21E of the General Laws, to a subsequent eligible person for the site for which the credit is taken for a value not to exceed 75 percent of the total amount of credit.  Any person who does not meet the definition of an eligible person, as defined by section 2 of chapter 21E of the General Laws, for the site for which said credit is claimed, shall not be eligible to receive transfer of said credit.  Said transfer of credit shall be allowed only after a response action outcome statement or remedy operation status submittal has been filed with the Massachusetts Department of Environmental Protection as set forth in the Massachusetts Contingency Plan.

SECTION 2.           The Massachusetts Department of Revenue in consultation with the department of environmental protection shall, no later than ninety days following enactment of this act, promulgate rules and regulations relative to this act.