SENATE DOCKET, NO. 609        FILED ON: 1/18/2017

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1511

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Sal N. DiDomenico

_________________

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.

_______________

PETITION OF:

 

Name:

District/Address:

 

Sal N. DiDomenico

Middlesex and Suffolk

 

Linda Dorcena Forry

First Suffolk

2/2/2017

John J. Lawn, Jr.

10th Middlesex

1/25/2017

William N. Brownsberger

Second Suffolk and Middlesex

1/25/2017

Barbara A. L'Italien

Second Essex and Middlesex

1/27/2017

James B. Eldridge

Middlesex and Worcester

2/1/2017

Marjorie C. Decker

25th Middlesex

2/1/2017

Jay R. Kaufman

15th Middlesex

2/1/2017

Joan Meschino

3rd Plymouth

2/1/2017

Diana DiZoglio

14th Essex

2/1/2017

Michael F. Rush

Norfolk and Suffolk

2/1/2017

Jay D. Livingstone

8th Suffolk

2/1/2017

Joan B.  Lovely

Second Essex

2/2/2017

Paul A. Schmid, III

8th Bristol

2/2/2017

Colleen M. Garry

36th Middlesex

2/2/2017

Jennifer L. Flanagan

Worcester and Middlesex

2/2/2017

Mike Connolly

26th Middlesex

2/2/2017

Elizabeth A. Malia

11th Suffolk

2/3/2017

Denise Provost

27th Middlesex

2/3/2017

Eric P. Lesser

First Hampden and Hampshire

2/3/2017

Mary S. Keefe

15th Worcester

2/3/2017

Anne M. Gobi

Worcester, Hampden, Hampshire and Middlesex

2/3/2017

Mark C. Montigny

Second Bristol and Plymouth

2/3/2017

Julian Cyr

Cape and Islands

2/3/2017

Harriette L. Chandler

First Worcester

2/7/2017

Frank A. Moran

17th Essex

2/13/2017

John F. Keenan

Norfolk and Plymouth

2/14/2017

Bruce E. Tarr

First Essex and Middlesex

3/3/2017

Stephan Hay

3rd Worcester

3/16/2017


SENATE DOCKET, NO. 609        FILED ON: 1/18/2017

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1511

By Mr. DiDomenico, a petition (accompanied by bill, Senate, No. 1511) of Sal N. DiDomenico, Linda Dorcena Forry, John J. Lawn, Jr., William N. Brownsberger and other members of the General Court for legislation to promote high-impact community investment.  Revenue.

 

The Commonwealth of Massachusetts

 

_______________

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

_______________

 

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.