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
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