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Massachusetts Schedule E must be adjusted by the amount of the Massachusetts allowable credit if the expense for deleading is claimed as a deduction on U. In order to qualify for the credit: Carryover of the Credit: If the credit exceeds the tax due, the excess credit may be carried forward for up to five succeeding tax years.
If a taxpayer voluntarily repairs or replaces a cesspool or septic tank, this credit is not available since it is not considered a "failed" system under Title V.
Nonresidents do not qualify for this credit since the property must be an owner occupied principal residence located in Massachusetts.
Interest Subsidy: For tax years beginning on or after January 1, 1999, there is a new rule for computing the interest subsidy to be subtracted from the expenditure amount for arriving at the proper Title 5 credit. The new rule for determining the interest subsidy requires that the non-subsidized state tax rate to be used in the interest subsidy calculation be an annual rather than a quarterly rate.
If a taxpayer has received a below market interest rate loan from the Commonwealth or another source, or a below market interest rate betterment from a municipality, the amount of credit that may be claimed is reduced by the amount of the interest subsidy the taxpayer has received at the time the credit is claimed. This annual rate will be the average of the four quarterly rates for the calendar year.