MA H3091

Creates a Massachusetts Artist Workspace Tax Credit of $20 million annually for construction or renovation of buildings in designated cultural districts that provide workspace for artists to produce art

Tax credit is non-refundable, claimed equally over 5 years, with unused amounts carried forward up to 5 additional years; qualified projects limited to receiving credits for maximum of 7 taxable years

Department of Housing and Community Development administers the program, issues eligibility statements, and allocates credits based on project need for economic feasibility

Applies to both individual income tax (Chapter 62) and corporate excise tax (Chapter 63) for contractors, subcontractors, and others performing construction on qualified projects

Taxpayers may elect to receive the credit as a loan by transferring it to the department; neither direct refunds nor loans from credit transfers count as taxable income