Bloomberg Tax
Dec. 5, 2022, 6:18 PM

Massachusetts Justices Parse Urban Renewal Tax Exemption Law

Perry Cooper
Perry Cooper
Legal Reporter

Massachusetts high court justices asked hard questions of both the state Revenue Department and a taxpayer seeking capital gains relief at oral arguments Monday about the meaning of a law providing tax benefits for urban renewal projects.

James and Irene Reagan appealed a Massachusetts Appellate Tax Board ruling upholding taxation of their share of capital gains earned from selling partnership interests in three urban redevelopment properties in Boston. The Reagans argue that a law enacted to stimulate investment in blighted areas makes the gains tax-exempt and that the court should abate their $131,000 tax bill.

Massachusetts Supreme Judicial ...

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