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Bill Expands Tax Incentives to Redevelop Long‑vacant Residential Properties, Sponsor Says
Summary
Representative Michael Soter told the committee his bill would amend state law to increase tax incentives for renovating abandoned residential buildings and temporarily exempt certain redevelopment income from net income taxation to encourage rehabilitation.
Representative Michael Soter testified in support of House bill aimed at promoting redevelopment of abandoned buildings, saying the measure ‘‘makes an amendment to chapter 60 63 3 of the general laws’’ and expands tax incentives for renovation. He told the committee there are substantial vacant residential units across the Commonwealth and argued the legislation would convert deteriorating, nonrevenue-producing…
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