Textiles Revitalization

Summary

The bill revises the meaning of “rehabilitation expenses” to clarify which costs at a textile mill site can count toward the state’s revitalization tax credit. It limits qualifying costs to demolition, environmental cleanup, site improvements and new construction, while excluding land acquisition and personal property. The change also requires that any mill and buildings listed in a Notice of Intent to Rehabilitate be either renovated or demolished for the expenses to qualify.

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