Bill > S1966

This bill modifies existing Massachusetts law regarding property sales by nonprofit organizations and payments in lieu of taxes (PILOT), which are voluntary payments made by tax-exempt entities to local governments to help offset the cost of municipal services. The bill requires sellers (except government entities) to provide written notice to buyers about their potential obligation to make PILOT payments before executing a purchase and sale agreement. If a seller fails to provide this notice, the seller will be responsible for making the PILOT payments instead of the buyer. Specifically, the bill amends section 2C of chapter 59 of the General Laws to add these new requirements, which aim to increase transparency in property transactions involving tax-exempt organizations and ensure that potential PILOT obligations are clearly communicated between buyers and sellers before a sale is finalized.

Budget and Finance

https://malegislature.gov/Bills/194/S1966