Bill > H3146

This bill aims to provide supplemental infrastructure financing for transportation projects in Massachusetts. The key provisions include: 1. Establishing a new chapter in the General Laws called "Chapter 40X. Supplemental Infrastructure Financing for Transportation" that allows the Massachusetts Department of Transportation (MassDOT) to enter into agreements with municipalities to create "SIFT districts" (Supplemental Infrastructure Financing for Transportation districts) where the municipalities can collect and remit tax increment revenue to help fund transportation projects. 2. Defining key terms such as "base date," "financial plan," "original assessed value," "tax increment," and "transportation project." 3. Outlining the requirements for a SIFT agreement between MassDOT and a municipality, including details about the transportation project, the SIFT district boundaries, tax increment revenue estimates, and the method for calculating and remitting the tax increment. 4. Requiring municipalities to hold public hearings and obtain local approval before entering into or amending a SIFT agreement. 5. Directing the assessor to certify the original assessed value of the SIFT district and the annual changes in assessed value, and requiring the municipality to set aside and remit the tax increment revenue in accordance with the SIFT agreement. 6. Authorizing MassDOT to promulgate rules and regulations to implement the new chapter, including criteria for evaluating eligible transportation projects. The overall goal of the bill is to provide a mechanism for municipalities to help fund transportation infrastructure improvements through the use of tax increment financing.

Budget and Finance, Transportation and Infrastructure

https://malegislature.gov/Bills/191/H3146