A state economic development body has approved a new tax credit program aimed at helping troubled retail districts.
The Economic Assistance Coordinating Council certified the inaugural group of Certified Vacant Storefront Districts at its fall meeting Thursday. The body is required to sign off on all state tax credits.
This certification for the new program will allow businesses that lease one of the 129 identified vacant storefronts in the eight designated districts, and are also receiving a financial contribution from a municipal program, to apply for up to $10,000 in matching refundable state tax credits.
“Our administration is committed to ensuring the vibrancy of Massachusetts’ economy and supporting our downtowns,” Secretary of Housing and Economic Development Mike Kennealy said in a statement. “New programs like Certified Vacant Storefront Districts are meaningful additions to our economic development toolbox, which help incentivize investment in the heart of communities.”
The new vacant storefront districts are located in the following towns and cities:
- Gloucester
- Greenfield
- Fitchburg
- Framingham
- Lowell
- Marlborough
- Taunton
- Worcester
