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Massachusetts Credit for Removing or Covering Lead Paint on Residence
Extracted from PDF file 2023-massachusetts-schedule-lp.pdf, last modified October 2023Credit for Removing or Covering Lead Paint on Residence
Massachusetts Department of Revenue Schedule LP Credit for Removing or Covering Lead Paint on Residential Premises Name(s) as shown on Massachusetts Form 1, 1-NR/PY or 2 Part 1. Interim control deleading. 2023 Social Security number(s) Attach letter(s) of interim control. 1a Address of Massachusetts unit under an emergency lead management plan. Include unit or apartment number, if applicable. 1b. License number of risk assessor 1c. Date of compliance or payment, whichever is later 1d. Total cost of qualified interim control measures 1e. Enter 50% of col. d 1f. Enter the lesser of col. e or $1,000 2a Address. 2b 2c 2d 2e 2f 3c 3d 3e 3f 3a Address. 3b 4 Total amounts qualifying for interim control deleading. Add all amounts in col. f. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 2023 SCHEDULE LP, PAGE 2 Name(s) as shown on Massachusetts Form 1, 1-NR/PY or 2 Social Security number Part 2. Full compliance deleading. Attach letter(s) of compliance. 1a Address of Massachusetts unit deleaded. Include unit or apartment number, if applicable. 1b. License number of inspector of final deleading 1c. Date of compliance or payment, whichever is later 1d. Total cost of qualified lead removal or covering measures 1e. Total cost or $3,000, whichever is less 1f. Subtract from col. e any entry in Part 1, col. f or any entry from 2016 through 2022 of Sch. LP, Part 1, col. f 2a Address. 2b 2c 2d 2e 2f 3c 3d 3e 3f 3a Address. 3b 4 Total amounts qualifying for full compliance deleading. Add all amounts in col. f. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Part 3. Current year credit 5 Total Lead Paint Credits for this year. Add Part 1, line 4 and Part 2, line 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 6 Enter unused credits from prior year (from 2022 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, line 41) 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 Schedule CMS. 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 Credit carryover 10 Complete only if line 7 is greater than line 8, or if you have unused credits from prior years. c. Unused credit available Subtract col. b from col. a a. Unused credits from prior years b. Portion used Year and current year credit this year Amount For 11 2017 2018 2019 2020 2021 2022 2023 (2022 Sch. LP, line 11, col. c) (2022 Sch. LP, line 11, col. c) (2022 Sch. LP, line 11, col. c) (2022 Sch. LP, line 11, col. c) (2022 Sch. LP, line 11, col. c) (2022 Sch. LP, line 11, col. c) (2023 Sch. LP, line 5) _______________ _______________ _______________ _______________ _______________ _______________ _______________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ ________________ Totals _______________ ________________ ________________ 2024 2024-2025 2024-2026 2024-2027 2024-2028 2024-2029 2024–2030 Schedule LP Instructions General Information What Is the Lead Paint Credit? When Does the Taxpayer Become Entitled to the Credit? The Lead Paint Credit is a credit provided for covering or removing materials on residential premises in Massachusetts that have been established as containing dangerously high levels of lead. The credit for each residence is equal to the cost of the deleading expenses, or $3,000, whichever is less. In addition, a credit for interim controls — abatement measures taken pending complete deleading — is allowed for up to $1,000 per residence. This $1,000 amount applies toward the $3,000 limit. You are entitled to claim a Lead Paint Credit in the taxable year in which compliance is certified or in the year in which the payment for the deleading occurs, whichever is later. What Kinds of Properties Qualify for the Lead Paint Credit? What If I Am Taking the Lead Paint Credit and Another Credit On My Tax Return? Only “residential premises” qualify for the lead paint removal credit. Among the residential premises that qualify for the credit are: • single family homes; • individual units in an apartment building; • condominium units; or • individual units in multi-family homes. Which Taxpayers Are Qualified to Take the Credit? The credit may only be claimed by the owner of a residential premise. 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, omit Parts 1 and 2 and begin completing this schedule at Part 3, line 5. What Type of Work Is Covered by the Credit? A tax credit is only given for work done actually deleading the contaminated areas. Deleading refers to the removal or covering of paint, plaster or other materials that could be readily accessible to children under the age of six. Only costs that are incurred for legally required deleading qualify for the tax credit. What Are Interim Control Measures? Interim control measures are deleading activities undertaken to address urgent lead hazards pursuant to an emergency lead management plan pending the issuance of a Letter of Compliance. What Steps Must Be Taken to Claim the Credit? To claim the Lead Paint Credit, the following steps must be completed: • The residential unit must be inspected by an inspector (for purposes of full compliance) or by a risk assessor (for purposes of interim control) licensed by the Department of Public Health (Childhood Lead Poisoning Prevention Program) who establishes the presence of dangerous levels of lead. • The contaminated areas must be deleaded or interim control measures instituted by a licensed deleader or authorized person. • The property must be reinspected by a licensed risk assessor who issues a Letter of Interim Control or by a licensed inspector who issues a Letter of Compliance. You must complete and 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. Taxpayers must retain a copy of the Letter of Interim Control and/or Letter of Compliance. If you are taking another credit in addition to the Lead Paint Credit on your tax return, you must reduce the amount of tax reported in line 8 of Schedule LP (from Form 1, line 28 or Form 1-NR/PY, line 32 or Form 2, line 41) by any Limited Income Credit and/or Credit for Taxes Paid to Other Jurisdiction and any other credits you may be eligible for. These include, but are not limited to the Energy Credit, Economic Opportunity Area Credit, Septic Credit, Brownfields Credit, Low-Income Housing Credit, Historic Rehabilitation Credit, Film Incentive Credit, Medical Device Credit, Employer Wellness Program Credit, Farming and Fisheries Credit, Low-Income Housing Donation Credit, and Veterans Hire Credit. Note: It is more advantageous to use the credit(s) that is going to expire first. What If My Lead Paint Credit Is Larger Than My Tax Liability? If the credit you derive from deleading a residential dwelling amounts to more than the amount you owe in income taxes for 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.
Schedule LP
More about the Massachusetts Schedule LP Corporate Income Tax Tax Credit TY 2023
This is a tax credit that can be earned by removing or covering the lead based paint in your home.
We last updated the Credit for Removing or Covering Lead Paint on Residence in February 2024, so this is the latest version of Schedule LP, fully updated for tax year 2023. You can download or print current or past-year PDFs of Schedule LP directly from TaxFormFinder. You can print other Massachusetts tax forms here.
Other Massachusetts Corporate Income Tax Forms:
TaxFormFinder has an additional 126 Massachusetts income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form 2 | Fiduciary Income Tax Return |
| Schedule DRE | Disclosure of Disregarded Entity |
| Schedule D-IS | Long-Term Capital Gains and Losses Excluding Collectibles |
| Form 355-7004 | Corporate Extension Worksheet |
| Form 3 | Partnership Return |
View all 127 Massachusetts Income Tax Forms
Form Sources:
Massachusetts usually releases forms for the current tax year between January and April. We last updated Massachusetts Schedule LP from the Department of Revenue in February 2024.
Schedule LP is a Massachusetts Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Massachusetts Schedule LP
We have a total of thirteen past-year versions of Schedule LP in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2011 Schedule LP
sched. LP
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