Bill > S1485

This bill establishes "gateway regions," which are groups of municipalities that agree to collaborate and apply jointly for this designation, meeting specific criteria such as population size, median and per capita income below the state average, and a lower-than-average percentage of residents with a bachelor's degree or higher. The bill also introduces homeowner rehabilitation tax credits for substantial renovations to primary residences within designated "gateway region rehabilitation zones," with the credit capped at 25% of the home's appraised value and allowing for carryover of unused credits for up to nine years. Additionally, it creates a tax credit for corporations that create new jobs in gateway regions, with the credit limited to $2,500 per new employee or 10% of the corporation's state income tax, and a separate tax credit for gateway region housing projects, totaling $25,000,000 annually, aimed at increasing market-rate housing.