Bill > H3608

This bill establishes a Supplemental Infrastructure Financing for Transportation (SIFT) program, which allows the Massachusetts Department of Transportation (MassDOT) to enter into agreements with municipalities to finance transportation projects. The key provisions include: 1. Defining key terms such as "base date," "financial plan," "original assessed value," "SIFT agreement," "SIFT district," "tax increment," and "transportation project." 2. Allowing MassDOT and municipalities to enter into SIFT agreements, which must be approved by the municipality and include details such as the transportation project, SIFT district boundaries, estimates of tax increment revenue, and the method for calculating and remitting the tax increment. 3. Requiring municipalities to hold a public hearing and follow certain notice requirements before approving a SIFT agreement. 4. Directing the municipal 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 revenues as per the SIFT agreement. 4. Authorizing MassDOT to promulgate rules and regulations to implement the SIFT program.

Budget and Finance, Transportation and Infrastructure

https://malegislature.gov/Bills/192/H3608