SECTION 1. Paragraph (1) of subsection (k) of section 6 of chapter 62 of the General Laws , as appearing in the 2024 Official Edition, is hereby amended by inserting after the word “paid”, in line 392, the following words:- or deferred.

SECTION 2. Said subsection (k) of said section 6 of said chapter 62, as so appearing, is hereby further amended by adding the following 4 paragraphs:-

(10) No credit shall be provided by this subsection for a property tax deferral unless there is a tax deferral and recovery agreement entered into between the owner or owners of the real property and the board of assessors of the city or town where the property is located pursuant to clause Forty-first A of section 5 of chapter 59.

(11) In the event of default or nonpayment of taxes deferred pursuant to clause Forty-first A of section 5 of chapter 59 upon such time as the deferred taxes become due for repayment, the department of revenue may claw back or collect the amount credited pursuant to this subsection.

(12) Property tax deferral repayments collected by the board of assessors of the city or town where the property is located pursuant to clause Forty-first A of section 5 of chapter 59 shall not be included in the calculation of the owner or owners of the real property credit pursuant to this subsection. 

(13) Cities and towns shall annually report the following information to the department of revenue:

(i) the name of the owner or owners of the real property participating in the tax deferral and recovery agreements entered into with the city or town pursuant to clause Forty-first A of section 5 of chapter 59;

(ii) the annual amount of taxes deferred by the owner or owners of the real property participating in the tax deferral and recovery agreements; and

(iii) total amount of taxes deferred over the lifetime of the owner or owners of the real property who participated in the tax deferral and recovery agreement.