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Governor Healey Signs FY24 Budget Extending Brownfields Tax Credit Through January 1, 2029

NAIOP's Advocacy Alerts are generously supported by Serlin Haley and Pierce Atwood, LLP.

On August 9, 2023, Governor Healey signed the FY24 budget.

In direct response to NAIOP's advocacy, the final budget includes a five-year extension of the Brownfields Tax Credit through January 1, 2029. Since the beginning of the session in January, NAIOP has worked with the Healey-Driscoll Administration, the Legislature, and a broad coalition of business groups and housing advocates to ensure the extension was considered for early passage.

In addition to the Brownfields Tax Credit Extension, the FY24 budget includes:

  • First-time operating funding for a technical assistance program to help Community One Stop for Growth Applicants - including $600k for the Massachusetts Downtown Initiative;
  • A dedication of $557.9 million to the Executive Office of Energy and Environmental Affairs, reflecting a long-shared goal of dedicating one percent of the annual budget to the Secretariat's work across agencies;
  • Record funding for transportation, including $180 million for MBTA Capital Investments such as station accessibility and improvements, bridge repair, rehabilitation, replacement and design for the Red-Blue Connector; and $524 million for MassDOT Operations including Highway, RMV, Rail and Transit, and Aeronautics;
  • A full funding of the Student Opportunity Act, reflecting historic investments in Massachusetts schools and students which NAIOP supported as a member of the Massachusetts Business Alliance for Education;
  • $1.5 billion investments in early education, including an expansion of Commonwealth Cares for Children (C3) grants supported by NAIOP as a proud member of the Massachusetts Business Coalition for Early Childhood Education;
  • The creation of 750 new Massachusetts Rental Voucher Program (MRVP) vouchers for low-income tenants;
  • 150 new Alternative Housing Voucher Program (AHVP) vouchers for individuals with disabilities, including, for the first time, 50 project-based vouchers; and
  • $190 M for Residential Assistance for Families in Transition (RAFT) (27% increase vs. FY23 GAA), supporting eligible households facing eviction with costs such as rent and utility arrears.

NAIOP applauds Governor Healey, Speaker Mariano and Senate President Spilka for their leadership in ensuring Massachusetts residents and businesses have the resources and opportunities they need to thrive.

Finally, while the tax relief proposals passed by the House and Senate continue to be negotiated in Conference Committee, NAIOP is working with legislative leadership to ensure the industry's priorities, including increasing the Housing Development Incentive Program's (HDIP) annual funding, are heard as discussions surrounding Massachusetts' competitiveness continue.

The NAIOP Advocacy Team is working on numerous initiatives at the state and local level. If you have questions regarding these, or other topics, please feel free to reach out to NAIOP's CEO Tamara Small or NAIOP's Vice President of Policy and Public Affairs, Anastasia Nicolaou.

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