Boston Mayor's Plan to Raise Commercial Taxes Fails in Massachusetts Senate

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Boston Mayor's Plan to Raise Commercial Taxes Fails in Massachusetts Senate

//politics-government.news-articles.net/content/ .. mercial-taxes-fails-in-massachusetts-senate.html

Published in Politics and Government on Tuesday, December 10th 2024 at 13:41 GMT by MSN
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

Boston Mayor Michelle Wu's proposal to temporarily increase commercial property taxes has failed after months of debate between lawmakers and business groups.

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Boston Mayor Michelle Wu's proposal to increase commercial property taxes was rejected by the Massachusetts Senate. The plan aimed to adjust the tax rate to generate an additional $600 million in revenue for the city, which would have been used to fund various public services and infrastructure improvements. However, the Senate, led by Senate Ways and Means Chairman Michael Rodrigues, decided against the proposal, citing concerns over potential negative impacts on the commercial real estate market, which is already facing challenges due to high vacancy rates and shifts towards remote work. The rejection means Boston will need to find alternative solutions to address its budget needs without altering the current tax structure.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/politics/government/boston-mayor-s-plan-to-raise-commercial-taxes-fails-in-massachusetts-senate/ar-AA1vCePq ]