Bill > H1480

This bill establishes a new Housing First and Housing for All Fund in Massachusetts, which will be primarily funded through a new gross receipts tax of 0.25% on business entities, with an exemption for the first $50 million of gross receipts. The fund will support a comprehensive array of housing initiatives, including preventing and reducing homelessness, providing housing assistance for vulnerable populations like adults, families, and youth experiencing homelessness, supporting those with mental health or substance use challenges, offering rental subsidies, constructing and preserving housing units, providing supportive services, protecting low-income households, offering financial and legal assistance, supporting mental health services, investing in community land trusts and affordable housing models, and providing down payment assistance for first-time homebuyers. The bill requires annual reporting by the commissioner of revenue and state auditor to track fund revenues, expenditures, and ensure appropriate use of funds. The tax and fund will be implemented on January 1, 2026, with the goal of addressing housing insecurity and creating more accessible, affordable housing options across Massachusetts. The bill is characterized as an emergency measure to quickly authorize supplemental financing for housing programs.

Housing and Urban Affairs

https://malegislature.gov/Bills/194/H1480