Amendment #57 to H4707

Housing Production

Mr. McMurtry of Dedham moves to amend the bill by adding the following section:

SECTION XXXX.

SECTION 1.  Section 9 of Chapter 40R of the Massachusetts General Laws, is hereby amended, in Subsection A, by striking out the following figures: $10,000; $75,000; $200,00; $350,000 and $600,000, and inserting in place thereof, the following figures:

“$25,000”, “$150,000”, “$400,000”, “$700,000” and “$1,200,000”

SECTION 2.  Section 9 of Chapter 40R of the General Law, is hereby amended, in Lines 19 and 20 of Subsection B, by striking the figure $3,000, and inserting in place thereof, the following:’

“$50,000”

SECTION 3.  Section 12 of Chapter 40R of the General Laws is hereby amended by inserting in line 3, after the word “review”, the following words:-

“, including but not limited to an analysis of the incentive payments, in Section 9, to determine that those payments are consistent with housing costs per the Consumer Price Index.”

SECTION 4. Subparagraph (9) of paragraph (a) of part B of section 3 of chapter 62 of the General Laws, as appearing in the 2018 Official Edition, is hereby amended by striking out the figure “$3,000”, in line 109, and inserting in place thereof the following figure:- $6,000.

SECTION 5. Section 6 of said chapter 62, as amended by section 57 of chapter 358 of the acts of 2020, is hereby amended by adding the following subsection:-

(x) a taxpayer who pays rent for their principal place of residence and such residence is located in the commonwealth shall be allowed a credit against the taxes imposed by the chapter if the taxpayer’s Part B adjusted gross income is not more than $50,000. The credit shall be an amount equal to 5 per cent of 50 per cent of the total rent paid by the taxpayer in excess of $12,000; provided, however, that the credit shall not exceed $200 for a single person, spouse or a person that qualifies as head of household under section 2(b) of the Code.

SECTION 6.  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 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 ($6000) for each qualified rental unit. 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 7. This act shall take effect for tax years beginning on or after January 1, 2024.

SECTION 8. Notwithstanding any other section of the law to the contrary, no later than 10 years after the date of enactment, the increased incentives, as identified in section 1 and section 2, shall revert back to their original figures.

Additional co-sponsor(s) added to Amendment #57 to H4707

Housing Production