Bill > H2479

This bill provides tax incentives for small-scale commercial development in gateway municipalities, which are defined as cities or towns with a population between 35,000 and 250,000, a median household income below the state average, and a bachelor's degree attainment rate below the state average. The key provisions include: 1) Allowing gateway municipalities to adopt "Gateway Municipality Tax Increment Financing" (GM-TIF) plans to provide property tax exemptions for up to 30 years for commercial development in designated GM-TIF areas. 2) Providing a 20% state tax credit for the cost of improving commercial buildings in GM-TIF areas, as approved by the Secretary of Housing and Economic Development. 3) Allowing a state tax credit of up to 50% of a taxpayer's liability, which can be refundable, for approved commercial rental and build-out projects in multi-story commercial buildings in gateway municipalities. 4) Allowing corporations to deduct 20% of the cost of renovating abandoned or underutilized buildings located in either an economic opportunity area or a GM-TIF area when calculating their state corporate income tax. The overall goal of the bill is to incentivize small-scale commercial development and revitalization in economically distressed gateway cities across Massachusetts.

Budget and Finance

https://malegislature.gov/Bills/191/H2479