The CITC may be available to personal income or corporate excise taxpayers who make cash contributions to community partners investing in economic opportunities for:
- Low and moderate income households in Massachusetts or
- A community partnership fund.
The current yearly cap of the CITC is $6,000,000. The Department of Housing and Community Development (DHCD) is responsible for determining:
- Which contributions qualify for the CITC
- The actual amount of the CITC.
The CITC is equal to 50% of the total contribution made by taxpayers or businesses.
The CITC is allowed for contributions of $1,000 or more. The total of all credits available to an eligible taxpayer may not exceed $1,000,000 in any tax year.
Carryover, Refund, and Transfer
Unused CITCs may be:
- Carried forward for the next 5 tax years
However, credits aren’t transferable.
For more detailed information, including important definitions, please see: