Regulation  830 CMR 63.38N.1: Reg Fact Sheet

Date:	07/13/2007
Organization:	Massachusetts Department of Revenue
Regulatory Authority:	Massachusetts General Laws
Official Version:	Published by the Massachusetts Register

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
[phone]
FAX: [phone]