Mass. issues first ever breakdown of tax credits
BOSTON—Massachusetts has released its first-ever breakdown of more than a dozen categories of tax credits handed out by state government.
The report released on Monday by the Massachusetts Revenue Department shows more than $170 million in tax credits were awarded or issued during calendar year 2011.
According to the report, the film industry was issued more than 90 tax credits totaling nearly $38 million.
The state awarded nearly $50 million in Historic Rehabilitation Tax Credits in 2011, the largest total of any of the 13 categories.
A new law requires all agencies that issue tax credits to make the information public.
A special commission recommended in April that state officials and lawmakers work to identify and provide justification for all existing tax expenditures, including tax credits, exemptions and deductions
Online: Massachusetts Tax Credit Transparency Report http://www.mass.gov/dor/tax-professionals/news-and-reports/massachusetts-tax-credit-transparency-reports/