Bill > H3663

This bill establishes tax incentives for small-scale commercial development in "gateway cities" - municipalities with a population between 35,000 and 250,000, a median household income below the state average, and an educational attainment rate below the state average. The key provisions include: 1. Allowing cities and towns to adopt "Gateway Municipality Tax Increment Financing" (GM-TIF) plans, which provide property tax exemptions for up to 30 years for eligible 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. 3. Establishing a refundable state tax credit of up to 50% of a taxpayer's liability for approved commercial rental and build-out projects in multi-story commercial buildings in gateway municipalities. 4. Allowing companies participating in approved gateway municipality projects to claim a tax credit of up to 50% of their state corporate excise tax liability. 5. Allowing corporations to deduct 20% of the cost of renovating abandoned or underutilized buildings in either economic opportunity areas or GM-TIF areas when calculating their state corporate income tax. The overall goal of the bill is to encourage small-scale commercial development and revitalization in economically distressed gateway cities across Massachusetts.

Budget and Finance

https://malegislature.gov/Bills/193/H3663