Bill > S1942

This bill introduces several provisions aimed at neighborhood stabilization and economic development. Specifically, it increases tax-related monetary thresholds from $10,000,000 to $30,000,000 in sections related to income and corporate taxation. The bill also introduces new definitions and provisions for "spot rehabilitation projects", which are efforts to revitalize vacant or distressed residential and commercial properties under 10,000 square feet. A key component is the creation of a commission to study strategies for improving housing stock in weak markets, with a focus on making properties safer, more accessible to people with disabilities, and more resilient to climate change. The commission will include representatives from various stakeholder groups, including legislators, community development organizations, housing experts, and disability advocacy groups. Additionally, the bill modifies existing laws to provide more flexibility for redevelopment authorities and community development corporations to acquire, rehabilitate, and transfer properties, and includes provisions for environmental liability protection for these entities when undertaking rehabilitation projects. The bill also requires more detailed reporting on housing development projects, including specifics about project locations, sponsors, certification levels, and financial details.

Budget and Finance

https://malegislature.gov/Bills/194/S1942