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The EOAC is one of the key components of the Economic Development Incentive Program (EDIP). The Massachusetts Office of Business Development manages the EOAC.
The EDIP was designed to:
The EOAC is for projects certified before January 1, 2010. For information on projects certified after January 1, 2010, please see the EDIPC.
Taxpayers who had their businesses designated as “certified projects” within an economic opportunity area (EOA) before January 1, 2010, may receive the EOAC.
The EOAC counts against taxpayers’ personal income tax or corporate excise liability. The credit is equal to 5% of the cost of the qualifying property purchased for business use.
"Certified projects" and "economic opportunity areas" are designated by the Economic Assistance Coordinating Council (EACC).
Individuals, partnerships, or corporations may apply to the EACC to have their businesses designated as certified projects in an EOA.
Businesses may earn a credit for “qualifying tangible properties.” Tangible personal property includes:
During the tax year, the “qualifying tangible properties” must have been:
Moreover, qualifying property is subject to the following requirements:
The EOAC doesn’t count for the property already calculated for either the:
The EOAC is available to lessees only for the cost of leasing tangible personal property. The credit isn’t available for:
The EOAC may not reduce the excise to less than $456. The maximum amount of credit allowed in a tax year can’t exceed 50% of the personal income tax or corporate excise liability for that year.
If the credit isn’t used because of the 50% limitation, it can be carried over indefinitely. The credit may be carried over for 10 years if the credit:
No credit may be carried over for more than 5 years after a project’s certification ends.
The credit may be subject to recapture if:
Recapture isn’t necessary if the property was used more than 12 years.
For more information on how the amount of credit is calculated and important definitions and limitations, please see: