BOSTON--(BUSINESS WIRE)--Preservation of a registered historic landmark in Lowell, Massachusetts has begun following completion of pre-development funding for the Lowell Legacy Hotel. The funding was arranged by the Cherrytree Group of Newton, Massachusetts.
After purchasing our own historic building at 287 Auburn Street, Newton, Massachusetts in late September of 2017, we were anxious to begin rehabilitation of the building and move into our new home.
In December, 2017, the Tax Cuts and Jobs Act of 2017, established Opportunity Zones by way of a provision of the Internal Revenue Code i.e Section 140OZ-2 (the "OZ Rules"). Pursuant to the OZ Rules, Treasury directed the individual states to designate certain census tracts as Opportunity Zones.
The investment tax credit permits businesses to deduct a specified percentage of certain investment costs from their tax liability, becoming a powerful tool that subsidizes business investment, thereby promoting the market.
The most common form of wealth stems from active income, money earned from performing a service. This is capital made from but is not exclusive to jobs providing salaries, tips, or commission. But many times, the public hears of enigmatic stories about immense financial growth through various means of passive income.
These are exciting times in the tax credit world! In addition to tax cuts, the 2017 Tax Reform brought about other significant changes, including “Opportunity Zones”, which are a new concept that can potentially link tax credit projects and capital gain deferrals in a single deal.
Monday, June 18, 2018 marked a huge judicial victory for Massachusetts businesses lobbyists and corporations. In a 5-2 decision, the state Supreme Court ruled against the imposition of a surtax on all incomes over $1 million dollars, thereby derailing a plan that would have raised the state income tax by 4 percentage points per dollar for those taxpayers earning above $1 million dollar.
The Cherrytree Group is excited to announce that these will be our last few weeks at 233 Needham St, Suite 510. We have called this office home for nearly 8 years now, but we are excited for our next journey!
On May 31, 2018, Massachusetts Governor Charlie Baker signed into law the $1.8 billion Housing Bond Bill (H.4536). Included in this bill is the 5 year extension of the Massachusetts Brownfields Tax Credit and Massachusetts State Historic Tax Credits.
Most towns in America have more than a few run-down, abandoned buildings. They sit as eyesores on Main Streets while the community watches — or tries to ignore them. They require too much time and investment to attract developers to restore them.