Process for Claiming the Credit

Before a credit may be claimed the following must occur:

(a) a taxpayer investor and the qualifying business they invested in shall have been approved by the MLSC’s Board of Directors; (b) a taxpayer investor and the qualifying business shall enter into an agreement with the MLSC, in a form and substance acceptable to the MLSC, that establishes the prerequisites to claiming the credit have been met; (c) if the MLSC elects to award the credit, the contract shall be finalized in a form and substance acceptable to the MLSC; and (d) MLSC must certify to DOR that the taxpayer investor made a cash contribution to a qualifying investment in a qualifying business during a taxable year. No credit will be allowed in such taxable year for such contribution unless a copy of the agreement referenced in 830 CMR 62.6.5(10)(b), or such other validation as the Commissioner may require, has been received by the Commissioner, and it has been shown that all pre-requisites have been met for the taxable year in which the credit is claimed.

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Process for Claiming the Credit

Official source

Before a credit may be claimed the following must occur:

(a) a taxpayer investor and the qualifying business they invested in shall have been approved by the MLSC’s Board of Directors; (b) a taxpayer investor and the qualifying business shall enter into an agreement with the MLSC, in a form and substance acceptable to the MLSC, that establishes the prerequisites to claiming the credit have been met; (c) if the MLSC elects to award the credit, the contract shall be finalized in a form and substance acceptable to the MLSC; and (d) MLSC must certify to DOR that the taxpayer investor made a cash contribution to a qualifying investment in a qualifying business during a taxable year. No credit will be allowed in such taxable year for such contribution unless a copy of the agreement referenced in 830 CMR 62.6.5(10)(b), or such other validation as the Commissioner may require, has been received by the Commissioner, and it has been shown that all pre-requisites have been met for the taxable year in which the credit is claimed.