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 properties into homes.

Soter described key provisions: expanding existing deductions so that corporations or individuals that renovate an abandoned building for housing and then sell the property would be exempt from reporting the profits in net income, and if units are listed as rental units the rental income would be exempt from net income for five tax years. "These enhanced incentives... go beyond a mere deduction, offering a direct financial incentive that can make the difference between a property languishing in disrepair and becoming a vibrant home," he said.

He cited US Census data and said the Commonwealth has tens of thousands of residential units vacant for extended periods and that restoring vacant structures is often more cost-effective than new construction. He referenced Mass Inc.'s Policy Center cost comparisons during his remarks. The sponsor acknowledged that the short-term cost to the Commonwealth is "unpredictable" because renovation scale and rents vary, but argued that rehabilitated properties will later contribute to local tax bases through increased property values.

There was no committee vote or formal action recorded; Soter concluded by urging favorable consideration and answering a brief round of procedural questions.