Amendment #154 to H4165

Improve & Expand Historic Tax Credit

Mr. Cabral of New Bedford moves to amend the bill by inserting after section 73 the following section:

SECTION 74. Section 6J of chapter 62 of the General Laws, as appearing in the 2012 Official Edition, is hereby further amended by striking out, in lines 39-43,  the sentence beginning with  “The Massachusetts historical commission” and inserting in place thereof the following:-

The Massachusetts historical commission shall administer and determine eligibility for the Massachusetts rehabilitation tax credit and allocate the credit in accordance with this section; provided, however, that the commission shall ensure the award of tax credits pursuant to this section will allow a taxpayer that acquires a qualified historic structure to receive any tax credits for qualified rehabilitation expenditures previously awarded to the transferor of such qualified historic structure if: (A) the rehabilitation was not placed in service by the transferor, (B) no credit has been claimed by anyone other than the acquiring taxpayer, (C) the taxpayer completes the rehabilitation and obtains certification as provided for in this section and (D) the taxpayer conforms with all other requirements created by this section. The Massachusetts historical commission may impose a fee to tax credit applicants that may be applied to the processing of applications and development of regulations for the certification of any rehabilitation under the provisions of this section.

SECTION 75. Said section 6J of said chapter 62 of the General Laws, as so appearing, is hereby further amended by striking out, in line 39, the figure “50,000,000” and inserting in place thereof the figure:- 60,000,000.

SECTION 76. Section 38R of chapter 63 of the General Laws, as appearing in the 2012 Official Edition, is hereby further amended by striking out,  in lines 39-43,  the sentence beginning with  “The Massachusetts historical commission” and inserting in place thereof the following:-

The Massachusetts historical commission shall administer and determine eligibility for the Massachusetts rehabilitation tax credit and allocate the credit in accordance with this section; provided, however, that the commission shall ensure the award of tax credits pursuant to this section will allow a taxpayer that acquires a qualified historic structure to receive any tax credits for qualified rehabilitation expenditures previously awarded to the transferor of such qualified historic structure if: (A) the rehabilitation was not placed in service by the transferor, (B) no credit has been claimed by anyone other than the acquiring taxpayer, (C) the taxpayer completes the rehabilitation and obtains certification as provided for in this section and (D) the taxpayer conforms with all other requirements created by this section. The Massachusetts historical commission may impose a fee to tax credit applicants that may be applied to the processing of applications and development of regulations for the certification of any rehabilitation under the provisions of this section.

SECTION 77. Said section 38R of said chapter 63, as so appearing, is further amended by striking out, in line 37, the figure “50,000,000” and inserting in place thereof the following figure:- 60,000,000.