Massachusetts

Massachusetts Film Tax Credit Summary

• Corporate excise, personal income, bank excise, and insurance premiums tax offset.
• May offset 100% of a taxpayer’s liability.
• Credit must be utilized during the year of transfer or within the 5-Year carryforward period.
• No recapture for the transferee.
• Certified and transferable tax credit.
• Sunset date: None (made permanent as of 2022).

Massachusetts Low Income Housing Tax Credit Summary

• Applicable against personal or corporate income tax liability.
• The credit period begins with the taxable year in which a project meets all of the requirements of 760 CMR 54.08 and ends five years later.
• Is subject to recapture (and disallowance to the extent not yet claimed) at any time during the 15-year compliance period.
• No limitations.
• Can be carried forward up to 5 years.

Massachusetts Historic Tax Credit Summary

• Applicable against personal or corporate income tax liability
• The credit allowable under this section shall be allowed for the taxable year in which the substantially rehabilitated property is placed in service, that is, when occupancy of the entire structure or some identifiable portion of the structure is permitted.
• Recapture is required if, before the end of the 5-year period beginning on the date on which the qualified historic structure received final certification and was placed in service, the taxpayer disposes of the taxpayer’s interest in the structure.
• Can be carried forward up to 5 years.