Thursday, October 20, 2016

Qualifying for a Lead Paint Removal Tax Credit

In the state of Massachusetts, property owners who paid for lead paint removal from their residential dwelling may claim the Lead Paint Removal Tax Credit. Homeowners can use the following four points to find out if they qualify for the credit.

Full Compliance or Interim Control

Full compliance means that all dangerous levels of lead are removed, while interim control indicates that lead has been effectively controlled. Homeowners can get credit for $1,500 for full compliance, or $500 for interim control.

Type of Property

Any residential property, either tenant occupied or owner occupied.

Licensed Workers

The property must have been inspected by a licensed expert and found to have lead paint. A licensed de-leader must complete the lead paint removal, and the property must be inspected afterward to confirm lead removal.

Letters Filed

To receive the tax credit, the owner must file a letter with the department of revenue for each deleaded property once the work is complete. They must also submit the letter of full compliance or interim control.