Bill > S2751

This bill proposes comprehensive changes to excise taxes and fund allocations related to climate change adaptation and affordable housing in Massachusetts. Specifically, the legislation increases existing fees on certain transactions, creating additional funding streams for three key trust funds: the Global Warming Solutions Trust Fund, the Affordable Housing Trust Fund, and the Housing Preservation and Stabilization Trust Fund. The bill mandates that funds be allocated with consideration of environmental justice populations, regional equity, and racial justice, requiring detailed spending plans to be developed annually and published on a publicly accessible website. The new fees include additional cents per transaction that will be specifically directed to these funds, with provisions that exempt low-income individuals and first-time homebuyers from some of the additional fees. The bill also requires that spending plans be developed in consultation with racial justice-oriented stakeholders and regional planning agencies, ensuring a more equitable and strategic approach to fund distribution. These changes are designed to support climate adaptation efforts, promote affordable housing development, and address systemic inequities in resource allocation. The new provisions will take effect on January 1, 2026, giving state agencies time to prepare for implementation.

Budget and Finance

Joint Committee on Revenue (Joint)

https://malegislature.gov/Bills/194/S2751