Amendment #347 to H5562

HDIP

Mr. Cabral of New Bedford moves to amend the bill by adding the following sections: 

SECTION XXXX.  Section 38BB of chapter 63 of the General Laws, as amended by section 19 of chapter 50 of the acts of 2023, is hereby amended by striking out subdivision (5) and inserting in place thereof the following subdivision:-  

(5)  EOHLC may authorize up to $50,000,000 in credits annually under this section and subsection (q) of section 6 of chapter 62. EOHLC may authorize annually any credits under this section or said subsection (q) of said section 6 of said chapter 62 returned to EOHLC by a certified housing development project. The total amount of credits authorized during a year shall include: (1) credits granted during the year under this section or said subsection (q) of section 6 of chapter 62; and (2) carry forwards of credits from prior years under this section or said subsection (q) of section 6 of chapter 62, to the extent that such credit carry forwards are estimated by the commissioner of revenue to offset tax liabilities during the year. Any portion of the $50,000,000 annual cap not awarded by EOHLC in a calendar year may be applied to awards in a subsequent year. EOHLC shall provide the commissioner of revenue with any documentation that the commissioner deems necessary to confirm compliance with the annual cap and the commissioner shall provide a report confirming compliance with the annual cap to the secretary of administration and finance and the secretary of housing and livable communities.  

Section XXXX. Subsection (q) of section 6 of chapter 62 of the General Laws is hereby amended by adding the following subsection:

(7) EOHLC may authorize up to $5,000,000 in credits to an individual project.   

Additional co-sponsor(s) added to Amendment #347 to H5562

HDIP