Schedule Lp - Credit For Removing Or Covering Lead Paint On Residential Premises - 2008 Page 2
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2Part 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
S S u u b b t t r r a a c c t t c c o o l l u u m m n n b b f f r r o o m m c c o o l l u u m m n n a a
Amount
For
2002
(2007 Sch. LP, line 10, col. c)
$________________
$________________
$________________
2009
2003
(2007 Sch. LP, line 10, col. c)
$________________
$________________
$________________
2009–2010
2004
(2007 Sch. LP, line 10, col. c)
$________________
$________________
$________________
2009–2011
2005
(2007 Sch. LP, line 10, col. c)
$________________
$________________
$________________
2009–2012
2006
(2007 Sch. LP, line 10, col. c)
$________________
$________________
$________________
2009–2013
2007
(2007 Sch. LP, line 10, col. c)
$________________
$________________
$________________
2009–2014
2008
(2008 Sch. LP, line 5)
$________________
$________________
$________________
2009–2015
General Information
What Are Interim Control Measures?
Interim control measures are deleading activities undertaken to ad-
What Is the Lead Paint Credit?
dress urgent lead hazards pursuant to an emergency lead man-
The Lead Paint Credit is a credit provided for covering or remov-
agement plan pending the issuance of a Letter of Compliance.
ing materials on residential premises in Massachusetts that have
been established as containing dangerously high levels of lead.
What Steps Must Be Taken to Claim the Credit?
The credit for each residence is equal to the cost of the delead-
To claim the Lead Paint Credit, the following steps must be
ing expenses, or $1,500, whichever is less. In addition, a credit
completed:
for interim controls — abatement measures taken pending com-
• The residential unit must be inspected by an inspector (for pur-
plete deleading — is allowed for up to $500 per residence. This
poses of full compliance) or by a risk assessor (for purposes of
$500 amount applies toward the $1,500 limit.
interim control) licensed by the Department of Public Health
What Kinds of Properties Qualify for the Lead
(Childhood Lead Poisoning Prevention Program) who establishes
Paint Credit?
the presence of dangerous levels of lead.
Only “residential premises” qualify for the lead paint removal
• The contaminated areas must be deleaded or interim control
credit. Among the residential premises that qualify for the credit
measures instituted by a licensed deleader or authorized person.
are:
• The property must be reinspected by a licensed risk assessor
• single family homes;
who issues a Letter of Interim Control or by a licensed inspector
• individual units in an apartment building;
who issues a Letter of Compliance.
• condominium units; or
When Does the Taxpayer Become Entitled to
the Credit?
• individual units in multi-family homes.
You are entitled to claim a Lead Paint Credit in the taxable year
Which Taxpayers Are Qualified to Take the
in which compliance is certified or in the year in which the pay-
Credit?
ment for the deleading occurs, whichever is later.
The credit may only be claimed by the owner of a residential
Do not enclose or attach Schedule LP with your return. Retain for
premise.
your records. Taxpayers must also retain a copy of the Letter of
What Type of Work Is Covered by the Credit?
Interim Control and/or Letter of Compliance.
A tax credit is only given for work done actually deleading the
What If My Lead Paint Credit Is Larger Than
contaminated areas. Deleading refers to the removal or covering
My Tax Liability?
of paint, plaster or other materials that could be readily accessi-
If the credit you derive from deleading a residential dwelling
ble to children under the age of six. Only costs that are incurred
amounts to more than the amount you owe in income taxes for
for legally required deleading qualify for the tax credit.
the year, the balance may be carried over into the next tax year.
You may carry over an unused portion of the original credit for
up to seven years.
1500 12/01 CRP0102
printed on recycled paper
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