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(a) Statement of Purpose. 830 CMR 62.6M.1 explains the calculation of the community investment tax credit allowed for qualified investments to a community partner or community partnership fund, established by St. 2012, c. 238, §§ 29, 30, 35, 36, 82, 83, 95, 97, 97A and 98; amended by St. 2013, c. 36, §§ 8 through 15, 58 and 82; St. 2016, c. 219, §§ 78, 79, 92, 93; and St. 2018, c. 99, §§ 11, 12, 12A, 19, 20, and 21; and codified at M.G.L. c. 62, § 6M and M.G.L. c. 63, § 38EE. Regulations issued by the Department of Housing and Community Development (“DHCD”) setting forth the process by which community development corporations and community support organizations may apply to be a community partner and receive a community investment tax credit allocation and qualified investments from taxpayers may be found at 760 CMR 68.00: Community Investment Grant and Tax Credit Program .
(b) Outline of Topics. 830 CMR 62.6M.1 is organized as follows:
(1) Statement of Purpose, Outline of Topics, Applicable Tax Years (2) Definitions (3) Prerequisites to Claiming the Credit (4) Amount of Credit (5) When a Qualified Investment is Made (6) Cumulative Cap (7) Credit is Refundable (8) Carry Over of Unused Credit (9) Offset Debt Collection (10) Special Rules Applicable to Pass-Through Entities (11) Qualified Investments by Married Couples (12) Qualified Investments by Corporations That File a Combined Report (13) General Rules - Taxpayers That Have No Tax Liability or Filing Requirements (14) Organizations Exempt From Taxation Under Code § 501 (15) Cash Contributions Where Credit may be Disallowed (16) Massachusetts Gross Income (17) Record Keeping (18) Examples
(c) Applicable Tax Years. The community investment tax credit available under M.G.L. c. 62, § 6M and M.G.L. c. 63, § 38 EE is applicable to tax years beginning, and for qualified investments made, on or after January 1, 2014, through December 31, 2025 , or to such time as the Legislature may extend the expiration date of the credit.