Bill > S215

This bill establishes new requirements for transparency in economic development spending by creating a new chapter in the General Laws. It defines "development subsidy" as any public fund expenditure of at least $25,000 aimed at stimulating economic development, including various forms of financial assistance and tax incentives. The bill mandates that the Massachusetts Department of Revenue compile and annually publish a "Unified Economic Development Budget" within three months of the fiscal year's end, detailing all economic development expenditures, including the value of corporate tax credits, abatements, exemptions, and reductions of $5,000 or more, along with the names of the recipient corporations, and all state-appropriated economic development spending by various state agencies. Additionally, it requires any "property-taxing entity" (an entity that levies property taxes) to report to the Department of Revenue any property that received a development subsidy of at least $5,000 in the form of a property tax abatement or reduction, including specific details about the property owner, property location, duration and schedule of the tax break, and the amount of revenue lost. The Department of Revenue will then compile and publish this property tax data, and if a property-taxing entity fails to submit its reports on time, the Comptroller will withhold further development subsidy payments to that entity until the reports are filed. All compiled data will be made available on a searchable website administered by the Secretary of Administration and Finance.