Adopted

Redraft 12

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).”