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Bill > H1627


MA H1627

To amend the Brownfields tax credit


summary

Introduced
01/23/2017
In Committee
01/23/2017
Crossed Over
Passed
Dead
12/31/2018

Introduced Session

190th General Court

Bill Summary

Relative to the Brownfields tax credit. Revenue.

AI Summary

This bill amends the Brownfields tax credit provisions in the Massachusetts General Laws. The key changes are: (1) expanding the credit to apply to any property the corporation owns, operates, or leases for business purposes (previously limited to property it owned or leased); (2) increasing the maximum credit rate from 40% to 40.0000%; and (3) clarifying that the costs eligible for the credit can include net response and removal costs incurred by the corporation before it first owned, operated, or leased the subject property. These changes aim to provide more favorable tax treatment for corporations involved in the remediation and redevelopment of contaminated "brownfield" properties in the state.

Committee Categories

Budget and Finance

Sponsors (3)

Last Action

Accompanied a new draft, see H3851 (on 08/03/2017)

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