SENATE DOCKET, NO. 1817        FILED ON: 2/18/2021

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1818

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Nick Collins

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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 relative to establishing a lost rental income tax credit.

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PETITION OF:

 

Name:

District/Address:

Nick Collins

First Suffolk


SENATE DOCKET, NO. 1817        FILED ON: 2/18/2021

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1818

By Mr. Collins, a petition (accompanied by bill, Senate, No. 1818) of Nick Collins for legislation to establish a lost rental income tax credit.  Revenue.

 

The Commonwealth of Massachusetts

 

_______________

In the One Hundred and Ninety-Second General Court
(2021-2022)

_______________

 

An Act relative to establishing a lost rental income tax credit.

 

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. Chapter 63 of the General Laws, as appearing in the 2018 Official Edition, is hereby amended by inserting after section 38HH the following section:-

Section 38II: Lost Rental Income Tax Credit

Section 38II. (a) There shall be established a lost rental income credit program under which a rental property owner shall be allowed a refundable income tax credit equal to the amount of lost rental income due to the declaration of a State of Emergency by a local, state or federal authority of competent jurisdiction. The credit may be claimed against the taxes due pursuant to this chapter. The credit shall be established to offset the rental income lost due to tenants’ inability to pay rental obligations due to said State of Emergency. No property owner shall be eligible for more than $10,000 in credits annually.

(b) The commissioner of revenue shall adopt regulations for the implementation, administration and enforcement of this section,

(c) If the amount of the credit allowed under this section exceeds the taxpayer's liability, the commissioner of revenue shall treat such excess as an overpayment and shall pay the taxpayer 100 per cent of the amount of such excess, without interest