Bill > H3036

This bill establishes a historic building fire prevention tax credit that allows individuals, businesses, and other entities subject to Massachusetts income tax to receive a tax credit for installing fire protection sprinkler systems in qualified historic structures. Specifically, taxpayers can claim a credit equal to 50% of the installation costs, with a maximum credit of $10,000 per fiscal year. The Massachusetts Fire Prevention Regulations Board will determine the exact eligibility criteria through regulations. The tax credit can be used to offset income tax liability, and if the credit exceeds the tax owed in a given year, the remaining credit can be carried forward and applied to tax liability in any of the next 5 consecutive taxable years. The credit will be available for taxable years up until 2035, providing a financial incentive for property owners to improve fire safety in historic buildings by installing sprinkler systems. This approach aims to protect historic structures while encouraging proactive fire prevention measures through a financial benefit.

Budget and Finance

https://malegislature.gov/Bills/194/H3036