Bill > S1973

This bill proposes several key changes to address affordable housing and climate change adaptation in Massachusetts by modifying existing tax and fund allocation mechanisms. The legislation increases certain fees on transactions (specifically from $2 to $2.28) and creates new allocations of those fees to three specific trust funds: the Global Warming Solutions Trust Fund, the Affordable Housing Trust Fund, and the Housing Preservation and Stabilization Trust Fund. The bill introduces tax credits for low-income homeowners and first-time homebuyers who sell their residences, equal to 25% of the transaction fee paid. It mandates that funds from these trust funds prioritize investments in environmental justice populations and consider regional equity, requiring transparency through public posting of spending plans by August 1st each year. Additionally, the bill includes provisions to ensure that fund expenditures consider racial justice, distribute resources reasonably across the Commonwealth, and are developed in consultation with racial justice-oriented stakeholders and regional planning agencies. The changes are designed to support climate adaptation infrastructure, affordable housing investments, and promote more equitable resource allocation. The bill is set to take effect on January 1, 2026.

Budget and Finance

https://malegislature.gov/Bills/194/S1973