Schedule Lp Draft - Credit For Removing Or Covering Lead Paint On Residential Premises - 2015 Page 2
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1
2
3Schedule LP, Lead Paint Credit
page 2
Part 3. Current Year Credit
5 Total Lead Paint Credits for this year. Add lines 2 and 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
6 Enter unused credits from prior year (from 2014 Schedule LP, line 11, col. c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
7 Massachusetts Lead Paint Credit available this year. Add lines 5 and 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
8 Total tax from return (Form 1, line 28; Form 1-NR/PY, line 32; or Form 2) less Limited Income Credit, and/or Credit for
Taxes Paid to Other Jurisdictions, and/or certain other credits, if any. Not less than “0”. See instructions . . . . . . . . . . . . . . 8
9 Massachusetts Lead Paint Credit allowable this year (smaller of lines 7 or 8). Enter here and on Form 1, Schedule Z;
or Form 2. You must enclose Schedule LP with your return. Failure to do so will result in this credit being disallowed
on your tax return and an adjustment of your reported tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Part 4. Unused Lead Paint Carryover
10 Complete only if line 7 is greater than line 8, or if you have unused credits from prior years.
Year
a. Unused credits from prior years
b. Portion used
c. Unused credit available
and current year credit
this year
Subtract col. b from col. a
Amount
For
2009
(2014 Sch. LP, line 11, col. c)
$________________
$________________
$________________
2016
2010
(2014 Sch. LP, line 11, col. c)
$________________
$________________
$________________
2016–2017
2011
(2014 Sch. LP, line 11, col. c)
$________________
$________________
$________________
2016–2018
2012
(2014 Sch. LP, line 11, col. c)
$________________
$________________
$________________
2016–2019
2013
(2014 Sch. LP, line 11, col. c)
$________________
$________________
$________________
2016–2020
2014
(2014 Sch. LP, line 11, col. c)
$________________
$________________
$________________
2016–2021
2015
(2015 Sch. LP, line 5)
$________________
$________________
$________________
2016–2022
11
Totals
$________________
$________________
$________________
DRAFT AS OF
General Information
What Type of Work Is Covered by the Credit?
A tax credit is only given for work done actually deleading the con -
What Is the Lead Paint Credit?
SEPTEMBER 25, 2015
taminated areas. Deleading refers to the removal or covering of
The Lead Paint Credit is a credit provided for covering or remov-
paint, plaster or other materials that could be readily accessible
ing materials on residential premises in Massachusetts that have
to children under the age of six. Only costs that are incurred for
been established as containing dangerously high levels of lead.
(SUBJECT TO CHANGE)
legally required deleading qualify for the tax credit.
The credit for each residence is equal to the cost of the deleading
expenses, or $1,500, whichever is less. In addition, a credit for in-
What Are Interim Control Measures?
terim controls — abatement measures taken pending complete
Interim control measures are deleading activities undertaken to ad -
deleading — is allowed for up to $500 per residence. This $500
dress urgent lead hazards pursuant to an emergency lead man-
amount applies toward the $1,500 limit.
agement plan pending the issuance of a Letter of Compliance.
What Kinds of Properties Qualify for the Lead
What Steps Must Be Taken to Claim the Credit?
Paint Credit?
To claim the Lead Paint Credit, the following steps must be
Only “residential premises” qualify for the lead paint removal credit.
completed:
Among the residential premises that qualify for the credit are:
• The residential unit must be inspected by an inspector (for pur-
• single family homes;
poses of full compliance) or by a risk assessor (for purposes of
interim control) licensed by the Department of Public Health
• individual units in an apartment building;
(Childhood Lead Poisoning Prevention Program) who establishes
• condominium units; or
the presence of dangerous levels of lead.
• individual units in multi-family homes.
• The contaminated areas must be deleaded or interim control
measures instituted by a licensed deleader or authorized person.
Which Taxpayers Are Qualified to Take the
Credit?
• The property must be reinspected by a licensed risk assessor
The credit may only be claimed by the owner of a residential
who issues a Letter of Interim Control or by a licensed inspector
premise.
who issues a Letter of Compliance.
What If My Lead Paint Credit Originated from
a Pass-Through Entity?
If this credit originated from a pass-through entity, for example, a
partnership, you must enter the name and identification number
of that pass-through entity and begin completing this schedule at
Part 3, line 5.
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