301 CMR 16.06 - Authorization Process for Calendar Tax Credit Years 2020 to 2022

Cranberry Bog Renovation Tax Credits for CTCY 2020, 2021 and 2022 shall be authorized as set forth in 301 CMR 16.06.

(1) Deadline for application.

(a) Taxpayers seeking to claim a tax credit for Qualified Renovation Expenditures for CTCY 2020 or 2021 shall submit an application to the Secretary, in the form prescribed by the Secretary, within 60 days of June 10, 2022.

(b) Taxpayers seeking to claim a tax credit for Qualified Renovation Expenditures for CTCY 2022 shall submit an Application to the Secretary, in the form prescribed by the Secretary, by January 31, 2023. A specific expenditure shall not qualify for a tax credit for CTCY 2022 if an Applicant:

1. has included such expenditure in an Application for a Cranberry Bog Renovation Tax Credit for CTCY 2023 as provided in 301 CMR 16.05(1); and

2. received a final determination of tax credit availability for such Application.

(c) An Applicant must submit a separate Application for each calendar tax credit year.

(2) Eligible Dates. An applicant may receive a Cranberry Bog Renovation Tax Credit for CTCY 2020, 2021 and 2022 only for those Qualified Renovation Expenditures incurred by the Applicant during each respective calendar year.

(3) Form of Application. A complete Application shall include all information required by 301 CMR 16.04, unless otherwise provided by the Secretary. In addition, such application shall include sufficient documentation to enable the Secretary to determine that each expenditure is a Qualified Renovation Expenditure and that it was incurred during the relevant CTCY for fulfillment of the Project Plan.

(4) Notification of Eligibility. The Secretary shall determine whether such Application includes all required information and shall notify the Applicant in writing, by email, of any required information that must be submitted for the Application to be complete. An Applicant may provide supplementary material to complete an application within 15 business days of transmission of such notification. Failure by an Applicant to submit information required to complete an Application within the time limit provided 301 CMR 16.06(4), or failure to provide all information required to complete an application, shall constitute withdrawal of that Application.

The Secretary shall review a complete Application to determine whether the Applicant is an eligible applicant pursuant to 301 CMR 16.03 and each submitted expenditure is a Qualified Renovation Expenditure. The Secretary shall complete this review and provide a notification of eligibility to the Applicant, in writing, which shall include:

(a) whether the Applicant is eligible, and if not eligible, the reason therefor;

(b) the submitted expenditures that are Qualified Renovation Expenditures and, if any submitted expenditures are not Qualified Renovation Expenditures, the reason therefor;

(c) the total amount of the Applicant's Qualified Renovation Expenditures; and

(d) the Applicant's opportunity to provide supplemental information for reconsideration.

(5) Reconsideration. If the Secretary determines that an Applicant is ineligible or that any submitted expenditure is not a Qualified Renovation Expenditure, an Applicant may provide supplemental information to the Secretary within 15 days of transmission of the Secretary's notification of eligibility. Such supplemental information shall be provided in writing and shall include documentation and reasoning to demonstrate why the Applicant is eligible or expenditures are Qualified Renovation Expenditures. The Secretary shall reconsider the Application and issue a final notification of eligibility.

(6) Authorization.

(a) Based on its final notification of eligibility for each Applicant, for each CTCY the Secretary shall determine the maximum tax credit for which each Applicant is eligible by multiplying each Applicant's Qualified Renovation Expenditures by 25%. The Secretary shall then calculate the sum of all tax credits for which Applicants are eligible for each CTCY.

(b) If the sum of all tax credits for which Applicants are eligible for a given CTCY is equal to or less than the Annual Program Cap, the Secretary shall authorize the full amount of the tax credit for which each Applicant is eligible.

(c) If the sum of all tax credits for which Applicants are eligible for a given CTCY is greater than the Annual Program Cap, the Secretary will authorize a tax credit for a weighted share of the tax credit for which each Applicant is eligible.

(d) The Secretary shall authorize tax credits in the amounts calculated by notifying the Applicant and the Commissioner of the amount of the tax credit that the Secretary authorizes for each Applicant. The Secretary shall include in such notification:

1. a unique Cranberry Bog Renovation Tax Credit Certificate Number for use in tax filing;

2. the CTCY to which that certificate number applies; and

3. such other information as may be necessary for the Applicant to claim the tax credit.

Notes

301 CMR 16.06

Adopted by Mass Register Issue 1471, eff. 6/10/2022.