Bill > S1799

This bill proposes to amend the existing excise tax on certain real estate transactions in Massachusetts to provide additional funding for climate change adaptation infrastructure and affordable housing investments. Specifically, the bill would increase the existing $2 excise tax by $2.28, with the additional revenue being deposited into the Global Warming Solutions Trust Fund, the Affordable Housing Trust Fund, and the Housing Preservation and Stabilization Trust Fund. The funds in the Global Warming Solutions Trust Fund must be used to support the planning and implementation of policy recommendations in the Commonwealth's Clean Energy and Climate plans, with a priority for investments in environmental justice populations. The bill also includes a provision allowing the Commonwealth to use funds from the Affordable Housing Trust Fund and the Housing Preservation and Stabilization Trust Fund for two years after the passage of the act to provide emergency assistance to low-income tenants and homeowners affected by the COVID-19 pandemic.

Budget and Finance

https://malegislature.gov/Bills/193/S1799