Bill > H3240

This bill allows municipalities to implement a local option tax on owners of enclosed shopping malls that meet specific criteria. The bill defines an "enclosed shopping mall" as an indoor center with common areas, retail businesses, service businesses, and other commercial spaces. Under this legislation, a municipality can choose to levy a tax on a shopping mall's owner if two conditions are met: first, the mall has less than 67% occupancy in its retail spaces for a continuous period of at least 9 months, and second, the mall fails to convert a predetermined proportion of its property to other specified uses for lease or sale. To implement this tax, a municipality must first formally accept the provision through the procedure outlined in section 4 of chapter 4 of the General Laws, and the specific tax rate and conversion requirements would be determined by the individual municipality. The bill appears designed to incentivize mall owners to maintain occupancy or repurpose underutilized commercial spaces, potentially addressing challenges in the retail real estate market.

Budget and Finance

https://malegislature.gov/Bills/194/H3240