Bill > H2454

This bill amends existing tax laws to encourage the rehabilitation of historic properties for mixed commercial and residential uses by expanding eligibility for historic tax credits. Specifically, it adds language to General Laws chapters 62 and 63, which govern income and corporate taxes respectively, to include properties that are consistent with standards set by the Massachusetts Historical Commission for such rehabilitation. The bill also removes a "12-year" restriction, extends the program's applicability from 2017 to 2022, increases the maximum credit amount from $50,000,000 to $75,000,000, and clarifies that the credit can be up to 20 percent of qualified rehabilitation expenses. These changes aim to provide financial incentives for developers to preserve and repurpose historic buildings for a combination of business and living spaces.