Bill > S668

This bill creates the Commercial Fisheries Offshore Wind Mitigation Fund, a dedicated financial account within the Massachusetts state government designed to support the seafood industry's adaptation and resilience in the context of offshore wind development. The fund's primary goals include maintaining seafood industry competitiveness, developing new fisheries, enhancing existing fisheries, introducing innovative technologies, and modernizing infrastructure to improve energy efficiency and reduce carbon emissions. The fund will be financed through multiple sources, including state appropriations, bond revenues, investment income, public and private grants, donations, and other designated revenues. The Executive Office of Energy and Environmental Affairs is tasked with maximizing fund revenues through federal funding opportunities. The Commissioner of Fish and Game will administer the fund in consultation with the Commercial Fisheries Commission and will be required to submit an annual report by December 1st detailing the fund's expenditures, credited amounts, and remaining balance. Importantly, any unexpended funds at the end of a fiscal year will not be returned to the General Fund but will remain available for use in the subsequent fiscal year, providing ongoing financial flexibility for the seafood industry's modernization and adaptation efforts.

Agriculture and Natural Resources

https://malegislature.gov/Bills/194/S668