Posts Tagged ‘economic development’
Governor Signs Economic Development Compromise – Permit Extension Act Included
On November 20, Governor Maura Healey signed The Mass Leads Act into law.
The nearly $4 billion legislation includes several of NAIOP’s priorities including a Permit Extension Act; An Act to Safeguard Municipal Permitting; Establishment of a Permit Regulatory Office; and the creation of a Qualified Data Center Tax Credit.
NAIOP is immensely grateful to Governor Maura Healey, Speaker of the House Ronald Mariano and Senate President Karen Spilka for their leadership to ensure this critical legislation is enacted.
NAIOP also applauds the Conference Committee members, Chairman Aaron Michlewitz; Chairman Michael Rodrigues; Chairman Jerald Parisella; Chairman Barry Finegold; Representative David Muradian; and Senator Peter Durant for their hard work over many months to advance a bold and balanced final bill.
Read MoreADVOCACY ALERT: NAIOP Secures Office Conversation Tax Credit and Defeats Right of First Refusal; Legislature Does Not Advance Economic Development or Climate Bills; Uncertain Future for Boston Proposals
Read on for NAIOP’s legislative wrap-up on the topics relevant to the industry including;
NAIOP’s successful advocacy securing a Nation-Leading Office Conversion Tax Credit, Defeats Right of First Refusal, in Housing Bond Bill;
The status of the Permit Extension Act and other economic development priorities;
The status of the climate legislation; and
The status of Boston’s property tax and BPDA reform proposals.
Read MoreGOVERNOR HEALEY SIGNS TAX RELIEF LEGISLATION
In direct response to NAIOP’s advocacy and work convening a broad range of business and economic development groups over two legislative sessions, the final bill includes a language tripling the annual cap on the Housing Development Incentive Program from $10 million to $30 million, and a one-time $57 million allocation to clear out the almost-2,000 unit backlog of shovel ready housing projects in Gateway Cities across the Commonwealth. The bill also includes a NAIOP-supported $20 million increase in the Low-Income Housing Tax Credit, bringing the total annual allocation to $60 million.
Read MoreGovernor Healey Signs FY24 Budget Extending Brownfields Tax Credit Through January 1, 2029
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.
Read on to learn about other investments found in the final FY24 budget.
Read MoreLegislature Passes Final Budget – Includes Extension of Brownfields Tax Credit
In the afternoon of July 31, the Massachusetts House of Representatives and Senate passed the final FY24 Budget.
In direct response to NAIOP’s advocacy, the final budget includes a five year extension of the Brownfields Tax Credit, which was previously set to expire on January 1, 2024. 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.
Read MoreBPDA DELAYS IDP VOTE; FY24 BUDGET AND TAX PROPOSALS HEAD TO CONFERENCE COMMITTEE; GOVERNOR ANNOUNCES HOUSINGWORKS IN CAPITAL INVESTMENT PLAN
In mid-May, the Boston Planning and Development Agency (BPDA) released an updated proposal for the City’s Inclusionary Development Policy (IDP).
Read on to learn more about NAIOP’s position on this policy; and for updates from the State House regarding the FY24 budget; tax reform; and Governor Healey’s new housing announcement.
Read MoreHow to Protect our Economic Growth and Fight for our Climate Future
Climate change is an economic development, public health and environmental issue that affects every resident and business in the commonwealth. Bold action must be taken, along with critical short-term strategies that effectively balance our continued economic growth with our long-term decarbonization and environmental goals. Only this approach will ensure that Massachusetts is put on a responsible, achievable path to mitigate and manage the devastating effects of climate change.
Read MoreWHAT’S AHEAD IN 2023?
This excerpt was written by NAIOP CEO Tamara Small was originally published in the Boston Business Journal on January 27, 2023.
The year 2023 is expected to be a bumpy one for commercial real estate. The Financial Stability Oversight Council‘s Annual Report recently listed commercial real estate as one of its top market and credit concerns due to rising interest rates, borrowing costs, and uncertain economic conditions. In the Greater Boston market, the “flight to quality” trend where tenants are opting for new, highly amenitized Class A space will continue this year — particularly for lab and office tenants. Sublease space and vacancy rates, already at the highest point in 20 years in Boston, will continue to climb in both the downtown and suburbs.
Read MoreStrategies for a Strong and Resilient Massachusetts
With a new gubernatorial administration comes new opportunities to shape the future of Massachusetts. As we look ahead to 2023, there is little doubt that it will be a difficult year for businesses. The incoming Healey-Driscoll administration must be a partner with the business community to ensure that safeguards are in place so the commonwealth can weather the economic storm. Only together can we work to secure the livelihoods and futures of Massachusetts’ residents and businesses.
Read MoreTransfer Taxes Tempt, But Would Only Worsen Housing Crisis: City Budget Threatened if New Investment Discouraged
By Tamara Small | This post originally appeared in Banker & Tradesman on April 3, 2022 The shortage of affordable and workforce housing is currently one of the greatest threats to the Massachusetts economy. With rents and home prices continuing to increase, we see more and more of the workforce priced out of the market…
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