301 CMR 16.00 defines the rules and procedures necessary for the administration and implementation of the Cranberry Bog Renovation Tax Credit program, by which a Taxpayer Primarily Engaged in Cranberry Production shall be allowed a credit against the taxes imposed on them by the Commonwealth of Massachusetts, equal to 25% of the total Qualified Renovation Expenditures incurred in connection with the Qualified Renovation of a Cranberry Bog during a taxable year. 301 CMR 16.00 sets forth different methods for eligible applicants to claim the tax credit in 2020 to 2022 and in 2023 and beyond.
(1) For tax years 2020 to 2022, applicants will apply to the Secretary, including demonstration of all Qualified Renovation Expenditures for the calendar year. The Secretary will calculate the amount of the tax credit for which each Applicant is eligible for each tax year.(2) For tax years 2023 and beyond, applications to and determinations by the Secretary will be required prior to conducting a Qualified Renovation. The Secretary will review applications for a project period running from October to December of the following calendar year. Tax credits will be authorized by lottery after a three-part process:(a) The Secretary will review each application for completeness and provide a notification of eligibility to each Applicant;(b) The Secretary will provide a determination of tax credit availability to each Applicant for whom tax credit funding is available. Determinations of tax credit availability will be made in the order determined by lottery. Applicants who receive a determination will then conduct the Qualified Renovation and submit their actual Qualified Renovation Expenditures to the Secretary when the renovation is complete; and(c) The Secretary will review the submitted Qualified Renovation Expenditures and will authorize a tax credit for each applicant in the appropriate amount by notifying the Commissioner of Revenue and the Applicant.Adopted by Mass Register Issue 1471, eff. 6/10/2022.