SECTION 1. Section 38O of Chapter 63 of the general laws, as appearing in the 2022 Official Edition, is hereby amending by striking out the section in its entirety and inserting in place thereof the following:-

Section 38O. (a) A corporation whose excise under this chapter is based on net income may, in determining such net income, deduct an amount equal to 10 per cent of the cost of renovating an abandoned building, as defined by section 1 of chapter 200A, that is part of a certified project designated under section 3A of chapter 23A.

(b) A corporation or individual which renovates an abandoned building for the purpose of a housing project and sells the property upon completion shall: (i) have the profits from the sale be exempt from the corporation’s net income, as defined in section 30 of this chapter; or (ii) if said corporation lists the property or any units within the property as rental units, the income derived from the rent shall be exempt from the corporation’s net income, as so defined, for a period of five tax years.