The Revitalist

Over the weekend Gov. Romney vetoed portions of the Economic Stimulus bill, including the $50m increase in the state historic rehab tax credit. The veto was part of a $225m exercising of the line item veto in this election year (insert your favorite political gripe here). In his official letter, the Gov says, "This provision [the increase in the cap] will cost the Commonwealth up to $44 million annually and is not tied to job creation or promoting technology industries." Now, I'm not an expert with the job creation numbers associated with the tax credits, but it seems to me that this statement misses the point. The tax credit is just as much about economic stimulus as is its much more popular cousin, the brownfields tax credit, which was also in the Econ. Stim. package and was not vetoed. There is no doubt that WM Lofts and the Morehouse Bakery Building project will bring new jobs to Lawrence: construction, building management, new commercial businesses and, in the case of Morehouse, job training. WM Lofts will bring new residents, eventually new homeowners, who will bring their spending power to Essex Street. We have no doubt that these projects will bring new life to this neighborhood of downtown Lawrence, which will spur new business activity and increased tax revenue for the city and state. This is most certainly economic stimulus work, and we are counting on the Legislature to override the veto.