Bill > H2582

This bill amends the historic rehabilitation tax credit, a program designed to incentivize the renovation of historic buildings. Specifically, it increases the annual cap on the total amount of these tax credits that can be authorized by the commissioner, in consultation with the Massachusetts Historical Commission, from an unspecified previous amount to $60,000,000. This increased cap will be in effect for the 12-year period from January 1, 2017, to December 31, 2028, and applies to both individual income tax (chapter 62) and corporate excise tax (chapter 63) credits. The Massachusetts Historical Commission will continue to set the eligibility criteria for these credits, with a provision that at least 25 percent of the tax credits should be allocated to projects that include affordable housing whenever feasible and consistent with the established criteria.