94- 457 C.M.R. ch. 315, § 12

Current through 2024-51, December 18, 2024

Section 457-315-12 - Tax Credit Certificates

A. To obtain a tax credit for a contribution to a Family Development Account Reserve Fund a taxpayer must submit to the Authority:

(1) A fully completed application.

(2) A certification from a CDO which has entered into a contract with the Authority, including:

(a) the date the CDO received the contribution;

(b) the amount of the contribution; and

(c) the name of the contributor.

(3) A certification from the contributor that the contributor will not claim an itemized charitable deduction for the amount of the contribution that qualified for the credit.

B. The Chief Executive Officer shall issue tax credit certificates to eligible tax payers in an amount equal to the lower of:

(1) Twenty-five thousand dollars ($25,000); or

(2) Fifty percent (50%) of the amount contributed by the taxpayer;

C. Applications will be processed in the order the completed application is received until such time as certificates are issued aggregating the maximum amount authorized by applicable law.

D. The Authority may not issue certificates in excess of $200,000 in each state fiscal year.

94- 457 C.M.R. ch. 315, § 12