Bill > S1763

This bill aims to aid the economic recovery of the tourism industry by making three key changes to Massachusetts' tax laws: 1. It limits the interest rate on late property tax payments from businesses in the tourism industry (bed and breakfasts, hotels, lodging houses, and motels) to 7% per annum for the fiscal years 2022-2024, down from the standard 14% rate. 2. It exempts businesses in the tourism industry from the requirement that the full amount of property tax due must be paid before seeking an abatement for the tax years 2022-2024. 3. It limits the interest rate on property tax abatements granted to businesses in the tourism industry to 4% per annum for the fiscal years 2022-2024, down from the standard 8% rate. These provisions are intended to provide temporary financial relief to the tourism industry as it recovers from the economic impacts of the COVID-19 pandemic.

Budget and Finance

https://malegislature.gov/Bills/193/S1763