The Executive Office for Administration and Finance today released the first-ever Massachusetts Tax Credit Transparency Report compiled by the Department of Revenue based on reports received from the various state agencies that administer thirteen tax credits.
The reporting requirement was proposed by Gov. Deval Patrick and enacted by the Legislature in the FY11 budget. The report identifies receipients of the credits and the amount either received or awarded in calendar 2011.
"The Patrick-Murray Administration continues to build on its record of making government spending more transparent to the public with today's publication of the Tax Credit Report," said A&F Secretary Jay Gonzalez.
"This release, along with other transparency initiatives like the recent launch of 'Open Checkbook' on the state's website gives taxpayers access to information they need and deserve to understand how government funds are being spent and to hold those of us in government accountable for the management of their tax dollars," Gonzalez said.
The credits reported on are the Film Tax Credit, Historic Rehabilitation Tax Credit, Low-Income Housing Tax Credit, Brownfields Tax Credit, Medical Device Company Tax Credit, Dairy Farmer Tax Credit, Life Sciences Tax Incentive Program (with its Investment, Research, User Fee and Jobs Tax Credits), Economic Development Incentive Program Credit, Certified Housing Development Tax Credit, and Conservation Land Tax Credit.