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Historic Rehabilitation Tax Credit Transfer

Ms. O'Connor Ives, Messrs. Downing, Montigny and DiDomenico, Ms. Lovely and Mr. Tarr moved that the bill be amended by inserting the following new section:-

Section 40A. Clause (i) of paragraph (1) of subsection (b) of section 6J of said chapter 62 is hereby amended by adding the following sentence:- The Massachusetts historical commission shall ensure the award of tax credits pursuant to this section shall allow a taxpayer that acquires a qualified historic structure to receive any tax credits for qualified rehabilitation expenditures previously awarded to the transferor of such qualified historic structure if: (A) the rehabilitation was not placed in service by the transferor; (B) no credit has been claimed by anyone other than the acquiring taxpayer as verified by the department of revenue to the commission; (C) the taxpayer completes the rehabilitation and obtains certification as provided for in this section; and (D) the taxpayer conforms with all other requirements of this section. In the case of a multi-phase project, tax credits may be transferred for any phase that meets the criteria as described in clauses (A), (B), (C) and (D).”