CITC Legislation Moves Toward Passage

CITC Legislation Moves Toward Passage

April 2018
Joe Kriesberg

Legislation to extend and expand the Community Investment Tax Credit moved one giant step closer to passage with a recent vote by the Massachusetts State Senate.  On March 29, the Senate voted 34-0 to adopt the Affordable Housing Bond Bill, which included language to extend the CITC program from 2019 to 2025 and to gradually increase the total cap on the program from $6 million to $12 million (see table below).  The House of Representatives approved identical language as part of its Housing Bond Bill earlier this year.

The House and Senate bills will now go to a House-Senate Conference Committee to reconcile the differences between them – differences that do not impact CITC.  MACDC expects the bill to reach the Governor’s desk by the end of April, at which point it will become law with a simple signature by Governor Charlie Baker.  Significantly, the bill would also provide capital authorization for the state’s affordable housing programs and extend and expand other important tax credit programs.

 

Year

Statewide Cap

Cap per CDC

2018

$6M

$150K

2019

$8M

$200K

2020

$8M

$200K

2021

$10M

$250K

2022

$10M

$250K

2023

$12M

$300K

2024

$12M

$300K

2025

$12M

$300K