Bill > H2455

This bill modifies existing tax laws in Massachusetts to encourage the remediation and redevelopment of properties, particularly in economically distressed areas, by adjusting the conditions under which taxpayers can claim tax credits. Specifically, it changes the wording from "lease" to "operates" in certain sections related to property remediation and redevelopment, and it expands the eligibility for these tax benefits by including properties with activity and use limitations recorded on or after June 20, 2014. The bill also clarifies that if a taxpayer fails to maintain the required "remedy operation status" or "permanent solution" under the Massachusetts Contingency Plan (a state environmental cleanup program) before selling or ceasing operations on a property, they will have to repay the tax credits previously claimed for maintaining that status, effectively adding it back as additional taxes due in the year of non-compliance. These changes apply to both individual taxpayers (Chapter 62) and corporations (Chapter 63).