BOSTON-The Massachusetts Legislature has overridden a veto by Gov. Mitt Romney and increased the state's historic tax credit from $15 million to $50 million in a vote that paves the way for increased development of the state's historic buildings.
Romney, who called the historic tax credit award a giveaway to private developers, has been criticized by development, environmental and preservation groups, including the Greater Boston Real Estate Board, which said the governor's veto impacted both the redevelopment of historic buildings and construction jobs in the state.
"This now means there will be more dollars available for historic tax credits," Gregory Vasil, with the Greater Boston Real Estate Board, tells GlobeSt.com, adding that the increased funding will allow developers to turn more historic buildings into housing and mixed-use projects.
The Massachusetts Historical Commission, which administers the historic tax credit awards, currently has 28 projects under review that have requested an estimated $80 million in tax credits, including projects in New Bedford, Lowell, Lawrence, Holyoke, Pittsfield and Worcester
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
