160 Million Dollars in Mass Tax Credits Awarded
Massachusetts awarded or issued nearly $160 million in tax credits in more than a dozen different categories, from affordable housing to movie-making, during 2012.
That’s the finding of a report issued Tuesday by the Massachusetts Department of Revenue. Revenue Commissioner Amy Pitter said the report is intended to help taxpayers understand how their tax dollars are being spent. One of the most popular tax credits was the Historic Rehabilitation Tax Credit.
More than $65 million of the credits were awarded or issued in 2012. The second most popular was the Film Tax Credit, designed to encourage movie-making in Massachusetts. There were more than $36 million in film tax credits issued last year.
Other popular tax credits include the Brownfield Tax Credit, the Low Income Housing Tax Credit and credits designed to encourage the life sciences.