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.
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.
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.
BOSTON – Over 50 Massachusetts developers, architects, attorneys and tax professionals gathered at Gillette Stadium to listen as industry leaders discussed the field of tax credit acquisition and syndication for historic preservation, renewable energy creation or remediation of contaminated land.
Part of being in the tax credit world means constantly learning to adapt to a constantly changing industry. Because of this, it is very important that we, the Cherrytree Group, absorb as much