Massachusetts H3247 proposes tax deductions for corporations renovating abandoned buildings.

Massachusetts H3247 amends the state's tax laws to provide a tax deduction for corporations that renovate abandoned buildings. Specifically, corporations can deduct 10% of the renovation costs if the project is part of a certified development. Additionally, if the renovated building is used for housing, the income from renting the units is exempt from the corporation's net income for five years. This bill aims to incentivize the redevelopment of neglected properties.

Massachusetts H3247 proposes tax deductions for corporations renovating abandoned buildings.

Massachusetts H3247 amends the state's tax laws to provide a tax deduction for corporations that renovate abandoned buildings. Specifically, corporations can deduct 10% of the renovation costs if the project is part of a certified development. Additionally, if the renovated building is used for housing, the income from renting the units is exempt from the corporation's net income for five years. This bill aims to incentivize the redevelopment of neglected properties.