Bill > S181

This bill aims to promote efficiency and transparency in economic development. It establishes a new chapter (Chapter 30C) in the General Laws that sets forth various requirements and provisions related to economic development subsidies. The key provisions include: 1. Requiring applicants for economic development subsidies to provide detailed information about the project, the company, and the anticipated benefits (e.g., job creation, wages, healthcare coverage). 2. Mandating annual and two-year progress reports from granting bodies on the subsidies they have awarded, including information on job creation, wages, and compliance with subsidy requirements. 3. Requiring the Executive Office of Housing and Economic Development to compile and publish all the data from the progress reports. 4. Establishing a $35,000 cost-per-job limit for subsidies and a $15 per hour minimum wage requirement for jobs created. 5. Allowing for the revocation and recapture of subsidies if the recipient corporation fails to meet its job creation, wage, and benefit requirements. 6. Providing for private enforcement actions by taxpayers if a granting body fails to enforce the provisions of the Act. 7. Enhancing transparency by making all records related to the subsidies subject to public disclosure and requiring granting bodies to post meeting information, agendas, and minutes online. Overall, the bill aims to improve accountability and ensure that economic development subsidies are delivering the intended benefits to the Commonwealth.

Business and Industry

https://malegislature.gov/Bills/190/S181