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Saturday 18th May 2024

State legislature Offers Tax break for “Zombie” Malls

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The state House has passed legislation that offers tax breaks to redevelop so-called zombie malls. The legislation would allow local governments to exempt malls for ten years from any property-tax increases when they redevelop underused malls as mixed-use properties. The tax breaks could be extended if developers add affordable housing, renewable energy systems and green space to their plans. The bill now heads to the state Senate.

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