HOUSE DOCKET, NO. 917        FILED ON: 1/17/2017

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1534

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Kevin G. Honan

_________________

To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:

The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act regarding state income tax credit for renting unsubsidized properties at below market rents.

_______________

PETITION OF:

 

Name:

District/Address:

Date Added:

Kevin G. Honan

17th Suffolk

1/17/2017

Christine P. Barber

34th Middlesex

2/2/2017

Linda Dean Campbell

15th Essex

2/2/2017

Evandro C. Carvalho

5th Suffolk

1/25/2017

Gerard Cassidy

9th Plymouth

1/19/2017

Nick Collins

4th Suffolk

2/2/2017

Mike Connolly

26th Middlesex

1/31/2017

Marjorie C. Decker

25th Middlesex

1/24/2017

David F. DeCoste

5th Plymouth

1/24/2017

Michelle M. DuBois

10th Plymouth

2/1/2017

James B. Eldridge

Middlesex and Worcester

2/3/2017

Jonathan Hecht

29th Middlesex

2/3/2017

Paul R. Heroux

2nd Bristol

1/31/2017

Natalie Higgins

4th Worcester

2/3/2017

Daniel J. Hunt

13th Suffolk

1/30/2017

Mary S. Keefe

15th Worcester

2/2/2017

Jack Lewis

7th Middlesex

1/31/2017

Adrian Madaro

1st Suffolk

1/20/2017

Joseph W. McGonagle, Jr.

28th Middlesex

1/29/2017

James R. Miceli

19th Middlesex

1/19/2017

Aaron Michlewitz

3rd Suffolk

2/3/2017

Frank A. Moran

17th Essex

1/18/2017

Denise Provost

27th Middlesex

2/3/2017

Daniel J. Ryan

2nd Suffolk

1/27/2017

Jeffrey Sánchez

15th Suffolk

1/18/2017

Thomas M. Stanley

9th Middlesex

1/18/2017

José F. Tosado

9th Hampden

1/20/2017

Chynah Tyler

7th Suffolk

1/18/2017


HOUSE DOCKET, NO. 917        FILED ON: 1/17/2017

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1534

By Mr. Honan of Boston, a petition (accompanied by bill, House, No. 1534) of Kevin G. Honan and others relative to state income tax credit for renting unsubsidized properties at below market rents.  Revenue.

 

The Commonwealth of Massachusetts

 

_______________

In the One Hundred and Ninetieth General Court
(2017-2018)

_______________

 

An Act regarding state income tax credit for renting unsubsidized properties at below market rents.

 

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

SECTION 1.  Section 6 of chapter 62 of the General Laws is hereby amended by inserting after subsection (t) the following subsection:-

(u)(1) As used in this subsection, the following words shall have the following meanings:

“Qualified residential rental property,” any unsubsidized two to four unit residential rental property.

“Qualified rental unit,” a tenant-occupied unit in a qualified residential property with a rent including utilities that does not exceed the High HOME Rent for the jurisdiction as defined by the United States Department of Housing and Urban Development (“HUD”).  Units rented to immediate family members or dependents of the owner are not eligible for the credit.

(2) Any Massachusetts resident who is an owner of a qualified residential rental property located in the commonwealth who is not a dependent of another taxpayer shall be allowed a credit of up to $1500 for each qualified rental unit, but for no more than six units. The credit shall be prorated by the number of months the qualified unit is rented to a qualified  household. Joint owners of a residential property shall share any credit available to the property under this subsection in the same proportion as their ownership interest. 

Any taxpayer entitled to this credit for any taxable year, the amount of which exceeds his total tax due for the then current taxable year, may carry over the excess amount, as reduced from year to year, and apply it to his tax liability for any one or more of the next succeeding three taxable years; provided, however, that in no taxable year may the amount of the credit allowed exceed the total tax due of the taxpayer for the relevant taxable year.

SECTION 2.  This act shall take effect for tax years beginning on or after January 1, 2018.