summary
Introduced
03/29/2021
03/29/2021
In Committee
03/29/2021
03/29/2021
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
192nd General Court
Bill Summary
Relative to providing tax incentives for small scale commercial development in gateway municipalities. Revenue.
AI Summary
This bill proposes to provide tax incentives for small-scale commercial development in gateway municipalities. Specifically, it allows cities and towns to adopt "Gateway Municipality Tax Increment Financing" (GM-TIF) plans to encourage commercial rental and build-out opportunities in multi-story commercial buildings in gateway municipalities. The bill provides for property tax exemptions, personal property tax exemptions, and corporate tax credits to incentivize this type of development. It also allows for a 20% deduction on the cost of renovating abandoned or underutilized buildings in economic opportunity areas or gateway municipality TIF areas.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Accompanied a study order, see H5043 (on 08/29/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/192/H2916 |
| Bill | https://malegislature.gov/Bills/192/H2916.pdf |
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