Bill > H2452

This bill establishes a new tax credit for historic buildings to encourage the installation of fire protection sprinkler systems, which are defined as systems designed to suppress fires. This credit is available to individuals and businesses subject to state income tax (chapter 62) or corporate excise tax (chapter 63) and can be used to offset taxes owed to the commonwealth. The credit will cover 50% of the costs associated with installing a sprinkler system in a "qualified historic structure," which refers to a building recognized for its historical significance, with a maximum credit of $10,000 per taxpayer annually. The Fire Prevention Regulations Board will set the specific rules for who qualifies for this credit, and it will be available for tax years up to 2031. If the credit exceeds the amount of tax owed in a given year, the unused portion can be carried forward and applied to taxes in the following five years. This provision is set to take effect on July 1, 2016.