Code of Massachusetts Regulations › 301 CMR - EXECUTIVE OFFICE OF ENERGY AND ENVIRONMENTAL AFFAIRS › Title 301 CMR 16.00 - Cranberry Bog Renovation Tax Credit › Section 16.05 - Authorization Process for Calendar Tax Credit Years 2023 and Later

Current through Register 1525, July 5, 2024
301 CMR 16.05 describes the process for application for and
				authorization of tax credits for Qualified Renovation Expenditures for CTCY
				2023 and all following calendar tax credit years.
(1)
Application
			 Period
. The Secretary will announce the date each year when the
			 Secretary will begin to accept Applications for Cranberry Bog Renovation Tax
			 Credits for the following CTCY and the deadline by which Applications must be
			 received to be eligible for the lottery selection process set forth in 301 CMR
			 16.05(3). The Secretary will accept Applications received after the deadline,
			 but these Applications are ineligible for the lottery selection process
			 described in 301 CMR 16.05(3).
(2)
Project Period
. Applications shall include estimated
			 Qualified Renovation expenditures proposed to be made during a Project Period
			 that begins no earlier than October 1st of the year
			 prior to the CTCY applied for and ends no later than December
			 31st of the CTCY being applied for. The Secretary
			 shall authorize a tax credit only for Qualified Renovation Expenditures
			 incurred during such Project Period, and any such expenditures incurred during
			 such Project Period shall be treated as made during the CTCY for which the
			 Application was made.
(3)
Lottery Selection
. The Secretary will conduct a
			 lottery selection process to establish the priority order for authorization of
			 Cranberry Bog Renovation Tax Credits for the following CTCY.
(a) The Secretary shall announce the lottery
			 date and procedure each year, which shall randomly select Applications to
			 establish the order in which the Secretary will certify Cranberry Bog
			 Renovation Tax Credits.
(b) The
			 order of the lottery selection list shall be determined independently for each
			 CTCY based on the applications received for that CTCY, and the order of the
			 list shall not carry over to future years.
(c) The lottery procedure shall require the
			 Secretary to designate each Application as either a Level 1 or a Level 2
			 Application for purposes of the lottery selection. For CTCY 2023, all
			 applications shall be designated as Level 1 Applications. For each subsequent
			 CTCY, Level 1 Applications shall be those Applications submitted by Applicants
			 for whom the Secretary did not authorize a Cranberry Bog Renovation Tax Credit
			 of more than $35,000 for the year immediately prior to the CTCY applied for,
			 and Level 2 Applications shall be all other Applications.
(d) The Secretary shall first conduct a
			 lottery for all Level 1 Applications and add such Applications to the lottery
			 selection list in the order selected. Upon completion of the lottery for all
			 Level 1 Applications, the Secretary shall then conduct a lottery of all Level 2
			 applications and add such Applications to the lottery selection list in the
			 order selected.
(e) The Secretary
			 shall add Applications received after the deadline for lottery eligibility to
			 the end of the lottery selection list in the order
			 received.