Bill > H2598

This bill provides tax incentives for small-scale commercial development in gateway municipalities, which are defined as cities or towns with a population between 35,000 and 250,000, a median household income below the state average, and an educational attainment rate below the state average. The key provisions include allowing municipalities to adopt a "gateway municipality tax increment financing plan" (GM-TIF plan) to provide property tax exemptions for eligible commercial development, offering a 20% tax credit for the cost of improving commercial buildings in GM-TIF areas, and allowing corporations to deduct 20% of the cost of renovating abandoned or underutilized buildings in either an economic opportunity area or a GM-TIF area when determining their net income for tax purposes.

Budget and Finance

https://malegislature.gov/Bills/190/H2598