Bill > H4293

This bill authorizes the town of Hopkinton to establish a special Economic Development Special Revenue Fund, which will be funded by the total local meals tax (a tax on restaurant and prepared food sales) collected by the town each fiscal year starting July 1, 2026. The fund can be used to support economic development projects such as stimulating economic growth, attracting and retaining businesses, and improving infrastructure. The town meeting must approve appropriations from the fund by majority vote, and any interest earned will be credited to the town's general fund. The bill includes provisions for revoking or closing the fund, which require a two-thirds vote of the town meeting. If the fund is closed, any unexpended money will be transferred to the town's general fund. Additionally, the town treasurer must provide an annual public financial report detailing the fund's revenues, receipts, grants, loans, and year-end balance. The act will take effect immediately upon passage, providing Hopkinton with a new tool for economic development funding.

Government Affairs

https://malegislature.gov/Bills/194/H4293