SECTION 1. Paragraph (1) of subsection (b) of section 6I of chapter 62 of the General Laws, as appearing in the 2014 Official Edition, is hereby amended by striking out lines 57-60, and inserting in place thereof the following:-

$20,000,000; (ii) $5,000,000 for use in preserving and improving existing state or federally-assisted housing; (iii) unused Massachusetts low-income housing tax credits, if any, for the preceding calendar years; and (iv) Massachusetts low-income housing tax credits returned to the department by a qualified Massachusetts project. 

SECTION 2. Said section 6I of said chapter 62, as so appearing, is hereby further amended by adding the following:-

(k) The department may provide that upon application for state tax credits issued by the department, such taxpayer may elect to receive such state tax credit in a single year on terms specified by the department in accordance with its qualified allocation plan.

SECTION 3. Paragraph (1) of subsection (b) of section 31H of chapter 63 of the General Laws, as so appearing, is hereby amended by striking out lines 58-61, and inserting in place thereof the following:-

$20,000,000; (ii) $5,000,000 for use in preserving and improving existing state or federally-assisted housing; (iii) unused Massachusetts low-income housing tax credits, if any, for the preceding calendar years; and (iv) Massachusetts low-income housing tax credits returned to the department by a qualified Massachusetts project. 

SECTION 4. Said Section 31H of chapter 63, as so appearing, is hereby further amended by adding the following:-

(k) The department may provide that upon application for state tax credits issued by the department, such taxpayer may elect to receive such state tax credit in a single year on terms specified by the department in accordance with its qualified allocation plan. 

SECTION 5. This act shall take effect for the tax year beginning January 1, 2018.

SECTION 8. This act shall expire on December 31, 2025.