Bill > S2964

This bill establishes a federal COVID-19 business property tax relief trust fund to provide real estate tax abatements to eligible businesses impacted by the state of emergency and the Phase III and Phase IV reopening plans. The eligible businesses include those designated as Phase IV by COVID-19 Order No. 35 and certain Phase III businesses that are not permitted to open or sustain their business due to the attendance limitations. The commonwealth will be liable for the difference in payments resulting from these tax abatements, which will be expended from the trust fund. The bill also specifies that the eligible Phase III businesses can receive the abatement for the duration of their forced shutdown or until the next quarterly tax payment following their reopening. The trust fund will be administered by the Secretary of Housing and Economic Development and an annual report on the expenditures and remaining funds will be provided.