To protect historic buildings from fire
The implementation of HB 2723 is expected to enhance fire safety standards in historic buildings across Massachusetts. By incentivizing the installation of fire protection systems, the bill aims to mitigate risks associated with fires in older structures, which may not have been built to modern safety standards. The Massachusetts Fire Prevention Regulations Board will oversee the determination of eligibility criteria for the tax credits, ensuring that they align with the state’s regulations on fire safety.
House Bill 2723, introduced by Representative Antonio F. D. Cabral, aims to protect historic buildings from fire hazards by establishing a historic building fire prevention tax credit. This new provision allows individuals and entities subject to Massachusetts state income tax to claim a credit against their taxes for the costs incurred in installing fire protection sprinkler systems in qualified historic structures. The bill sets the credit at 50% of the installation costs, with a cap of $10,000 per taxpayer in any fiscal year, expiring in 2031.
While the bill has garnered support from numerous legislators and preservationists who argue that it will safeguard cultural heritage while enhancing public safety, there are concerns regarding the financial implications for the state, particularly in terms of lost tax revenue. Critics highlight the potential burden this might pose on the state budget, raising questions about the prioritization of tax credits versus other public safety initiatives. Furthermore, discussions around the adequacy of the fire protection measures prompted by this bill continue to be a point of contention among various stakeholders.