Bill > H3247

This bill modifies tax deductions and incentives for corporations renovating abandoned buildings by establishing new financial benefits. Specifically, corporations can now deduct 10 percent of the renovation costs for abandoned buildings that are part of a certified project under state economic development guidelines. Additionally, corporations or individuals who renovate abandoned buildings for housing purposes will receive tax advantages: if they sell the renovated property, the profits will be exempt from corporate net income taxes, or if they create rental units, the rental income will be tax-exempt for five consecutive tax years. The bill aims to encourage urban redevelopment and affordable housing by providing significant financial incentives for transforming abandoned properties into habitable spaces. These tax benefits are designed to make building renovation more economically attractive for businesses, potentially helping to revitalize areas with unused or deteriorating buildings while increasing housing availability.

Budget and Finance

https://malegislature.gov/Bills/194/H3247