Origin: A deduction is provided to corporations and individuals for 10% of the cost of renovating abandoned buildings. The deduction is in addition to any other deduction available for the cost of such renovation. Thus, an additional deduction may be allowed for expenses already included in deductible business expenses or deductible depreciation. The deduction is part of the Massachusetts Economic Development Incentive Program (EDIP). To be deductible, the renovation costs must be incurred with respect to a building (i) located in an area designated as an economic opportunity area, and (ii) designated as abandoned, by the Economic Assistance Coordinating Council (EACC).
Origin: M.G.L. c. 62, § 3(B)(a)(10)
Tax Type
Tax Expenditure
Item Number
Item Name
Description
Origin
FY2021
FY2022
FY2023
FY2024
FY2025
Personal Income Tax
Deductions from Gross Income
1.204
Abandoned Building Renovation Deduction
A deduction is provided to corporations and individuals for 10% of the cost of renovating abandoned buildings. The deduction is in addition to any other deduction available for the cost of such renovation. Thus, an additional deduction may be allowed for expenses already included in deductible business expenses or deductible depreciation. The deduction is part of the Massachusetts Economic Development Incentive Program (EDIP). To be deductible, the renovation costs must be incurred with respect to a building (i) located in an area designated as an economic opportunity area, and (ii) designated as abandoned, by the Economic Assistance Coordinating Council (EACC).
<a href="https://malegislature.gov/Laws/GeneralLaws/PartI/TitleIX/Chapter62/Section3" target="_blank">M.G.L. c. 62, § 3(B)(a)(10)</a>
Negligible
Negligible
Negligible
Negligible
Negligible
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