Amendment #103 to H4461

Property Tax Reimbursements

Representatives Nangle of Lowell, Golden of Lowell and Mom of Lowell move to amend the bill by adding the following section:-

SECTION XY.  Section 38R of chapter 63 of the General Laws, is hereby amended by adding the following subsection:-

(k)  Any nonprofit or educational institution, otherwise exempt from the payment of property taxes pursuant to section 5 of chapter 59, that purchases property from a taxpayer that received historic rehabilitation tax credits pursuant to this section for the purchase and development of said property, within 5 years of the expiration of the 5 year period following said final certification, shall pay property taxes on the assessed value of said property for a period of 4 years after the purchase, the amount of said property taxes paid to be phased out as follows: in the first year, 100 per cent of the property tax; in the second year, 75 per cent of the property tax; in the third year, 50 per cent of the property tax; and in the fourth year, 25 per cent of the property tax.