Massachusetts 2025-2026 Regular Session

Massachusetts House Bill H3036 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	1 of 1
2	2	HOUSE DOCKET, NO. 479 FILED ON: 1/9/2025
3	3	HOUSE . . . . . . . . . . . . . . . No. 3036
4	4	The Commonwealth of Massachusetts
5	5	_________________
6	6	PRESENTED BY:
7	7	Antonio F. D. Cabral
8	8	_________________
9	9	To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
10	10	Court assembled:
11	11	The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:
12	12	An Act relative to historic building tax credits.
13	13	_______________
14	14	PETITION OF:
15	15	NAME:DISTRICT/ADDRESS :DATE ADDED:Antonio F. D. Cabral13th Bristol1/9/2025 1 of 2
16	16	HOUSE DOCKET, NO. 479 FILED ON: 1/9/2025
17	17	HOUSE . . . . . . . . . . . . . . . No. 3036
18	18	By Representative Cabral of New Bedford, a petition (accompanied by bill, House, No. 3036) of
19	19	Antonio F. D. Cabral for legislation to establish a historic building fire prevention tax credit.
20	20	Revenue.
21	21	[SIMILAR MATTER FILED IN PREVIOUS SESSION
22	22	SEE HOUSE, NO. 2723 OF 2023-2024.]
23	23	The Commonwealth of Massachusetts
24	24	_______________
25	25	In the One Hundred and Ninety-Fourth General Court
26	26	(2025-2026)
27	27	_______________
28	28	An Act relative to historic building tax credits.
29	29	Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority
30	30	of the same, as follows:
31	31	1 Chapter 62 of the General Laws, as appearing in the 2022 Official Edition, is hereby
32	32	2amended by inserting after Section 6O, the following section:
33	33	3 Section 6P. Historic Building Fire Prevention Tax Credits.
34	34	4 (a) There is hereby established a historic building fire prevention tax credit. A person,
35	35	5firm, partnership, trust, estate, limited liability company, or other entity subject to the income tax
36	36	6imposed by the provisions of this chapter or chapter 63 of the General Laws shall be allowed a
37	37	7credit, to be computed as hereinafter provided, against taxes owed to the commonwealth under
38	38	8chapter 62 or chapter 63 toward the cost of the installation of a fire protection sprinkler system, 2 of 2
39	39	9as defined in section 81 of chapter 146 of the General Laws, in a qualified historic structure, as
40	40	10defined in section 6J of chapter 62 of the General Laws.
41	41	11 (b) The credit allowed under this section shall be equal to 50 percent of the costs incurred
42	42	12installing said system, with a maximum credit of $10,000 per taxpayer in any fiscal year. The
43	43	13Massachusetts fire Prevention regulations board shall determine the criteria for eligibility for the
44	44	14credit, the criteria to be set forth in regulations promulgated under this section. The credit
45	45	15allowable under this section shall be allowed for any taxable year until 2035.
46	46	16 (c) Tax credits allowed under this section shall be allowed for the taxable year in which
47	47	17the costs are incurred; provided, however, that a tax credit allowed under this section shall not
48	48	18reduce the tax owed below $0. A taxpayer allowed a credit under this section for a taxable year
49	49	19may carry over and apply against such taxpayer’s tax liability in any of the succeeding 5 taxable
50	50	20years, the portion, as reduced from year to year, of those credits which exceed the tax for the
51	51	21taxable year.