HOUSE DOCKET, NO. 2579        FILED ON: 1/19/2017

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2617

The Commonwealth of Massachusetts

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PRESENTED BY:

Stephen Kulik

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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 to promote high-impact community investment.

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PETITION OF:

HOUSE DOCKET, NO. 2579        FILED ON: 1/19/2017

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2617

The Commonwealth of Massachusetts

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

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An Act to promote high-impact community investment.

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 6M of chapter 62 of the General Laws, as amended by chapter 219 of the acts of 2016, is hereby amended by striking out paragraph 4 of subsection (c) and inserting in place thereof the following:-

(4) no community partner shall receive a community investment tax credit allocation of less than $50,000 or more than 2 1/2 per cent of the total credits available in any 1 taxable year; provided further, that the department may waive this cap if it determines that it would be unable to otherwise fully allocate the credits available during that calendar year to eligible community partners; provided, however, that no community partner shall receive a subsequent allocation unless the department has determined that it has made satisfactory progress toward utilizing any prior allocation.

SECTION 2. Said section 6M of said chapter 62 of the General Laws, as so amended, is hereby further amended by striking out the first sentence of subsection (e).

SECTION 3. Said section 6M of said chapter 62 of the General Laws, as so amended, is hereby further amended by striking out the second sentence of subsection (i) and inserting in place thereof the following:-

The total value of the tax credits authorized under this section, together with section 38EE of chapter 63, shall not exceed $3,000,000 in taxable year 2014, $6,000,000 in each of taxable years 2015 to 2018, inclusive, $8,000,000 in each of taxable years 2019 and 2020, $10,000,000 in each of taxable years 2021 and 2022 and $12,000,000 in each of taxable years 2023 to 2025, inclusive.

SECTION 4. Said section 6M of said chapter 62 of the General Laws is hereby repealed.

SECTION 5. Section 38EE of chapter 63 of the General Laws, as amended by chapter 219 of the acts of 2016, is hereby amended by striking out clause 4 of subsection (c) and inserting in place thereof the following:-

(4) no community partner shall receive a community investment tax credit allocation of less than $50,000 or more than 2 1/2 per cent of the total credits available in any 1 taxable year; provided further, that the department may waive this cap if it determines that it would be unable to otherwise fully allocate the credits available during that calendar year to eligible community partners; provided, however, that no community partner shall receive a subsequent allocation unless the department has determined that it has made satisfactory progress toward utilizing any prior allocation;

SECTION 6. Said section 38EE of said chapter 63 of the General Laws, as so amended, is hereby further amended by striking out the first sentence of subsection (e).

SECTION 7. Said section 38EE of said chapter 63 of the General Laws, as so amended, is hereby further amended by striking out the second sentence of subsection (i) and inserting in place thereof the following:-

The total value of the tax credits authorized under this section, together with section 6M of chapter 62, shall not exceed $3,000,000 in taxable year 2014, $6,000,000 in each of taxable years 2015 to 2018, inclusive, $8,000,000 in each of taxable years 2019 and 2020, $10,000,000 in eac h of taxable years 2021 and 2022 and $12,000,000 in each of taxable years 2023 to 2025, inclusive.

SECTION 8. Said section 38EE of said chapter 63 of the General Laws is hereby repealed.

SECTION 9. Sections 30, 36 and 98 of chapter 238 of the acts of 2016 are hereby repealed.

SECTION 10. Sections 1 to 3, inclusive, 5 to 7, inclusive, and 9 shall take effect upon passage of this act.

SECTION 11. Sections 4 and 8 shall take effect on December 31, 2025.