301 CMR 16.00 defines the rules and procedures necessary for
the administration and implementation of the Cranberry Bog Renovation Tax
Credit program, by which a Taxpayer Primarily Engaged in Cranberry Production
shall be allowed a credit against the taxes imposed on them by the Commonwealth
of Massachusetts, equal to 25% of the total Qualified Renovation Expenditures
incurred in connection with the Qualified Renovation of a Cranberry Bog during
a taxable year. 301 CMR 16.00 sets forth different methods for eligible
applicants to claim the tax credit in 2020 to 2022 and in 2023 and
beyond.
(1) For tax years 2020 to 2022,
applicants will apply to the Secretary, including demonstration of all
Qualified Renovation Expenditures for the calendar year. The Secretary will
calculate the amount of the tax credit for which each Applicant is eligible for
each tax year.
(2) For tax years
2023 and beyond, applications to and determinations by the
Secretary will be
required prior to conducting a
Qualified Renovation. The
Secretary will review
applications for a
project period running from October to December of the
following calendar year. Tax credits will be authorized by lottery after a
three-part process:
(a) The Secretary will
review each application for completeness and provide a notification of
eligibility to each Applicant;
(b)
The Secretary will provide a determination of tax credit availability to each
Applicant for whom tax credit funding is available. Determinations of tax
credit availability will be made in the order determined by lottery. Applicants
who receive a determination will then conduct the Qualified Renovation and
submit their actual Qualified Renovation Expenditures to the Secretary when the
renovation is complete; and
(c) The
Secretary will review the submitted Qualified Renovation Expenditures and will
authorize a tax credit for each applicant in the appropriate amount by
notifying the Commissioner of Revenue and the Applicant.
