HOUSE DOCKET, NO. 2639        FILED ON: 1/17/2019

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2500

 

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

1/16/2019

David Biele

4th Suffolk

1/30/2019

Peter Capano

11th Essex

2/1/2019

Mike Connolly

26th Middlesex

1/28/2019

Brendan P. Crighton

Third Essex

1/30/2019

Marjorie C. Decker

25th Middlesex

1/30/2019

Sal N. DiDomenico

Middlesex and Suffolk

1/30/2019

Diana DiZoglio

First Essex

1/31/2019

Carmine Lawrence Gentile

13th Middlesex

1/30/2019

Kenneth I. Gordon

21st Middlesex

1/29/2019

Jonathan Hecht

29th Middlesex

2/1/2019

Natalie M. Higgins

4th Worcester

1/29/2019

Daniel J. Hunt

13th Suffolk

1/29/2019

Mary S. Keefe

15th Worcester

1/31/2019

Kay Khan

11th Middlesex

1/29/2019

Jack Patrick Lewis

7th Middlesex

2/1/2019

Jay D. Livingstone

8th Suffolk

1/31/2019

Adrian C. Madaro

1st Suffolk

1/29/2019

Elizabeth A. Malia

11th Suffolk

2/1/2019

Christopher M. Markey

9th Bristol

1/31/2019

Joseph W. McGonagle, Jr.

28th Middlesex

1/29/2019

Paul McMurtry

11th Norfolk

1/30/2019

Liz Miranda

5th Suffolk

1/30/2019

Elizabeth A. Poirier

14th Bristol

1/30/2019

David M. Rogers

24th Middlesex

1/31/2019

Jon Santiago

9th Suffolk

2/1/2019

Bruce E. Tarr

First Essex and Middlesex

1/30/2019

Chynah Tyler

7th Suffolk

2/1/2019


HOUSE DOCKET, NO. 2639        FILED ON: 1/17/2019

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2500

By Mr. Honan of Boston, a petition (accompanied by bill, House, No. 2500) of Kevin G. Honan and others relative to state income tax credit for renting unsubsidized properties at below market rents.  Revenue.

 

[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE HOUSE, NO. 1534 OF 2017-2018.]

 

The Commonwealth of Massachusetts

 

_______________

In the One Hundred and Ninety-First General Court
(2019-2020)

_______________

 

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, 2020.