Bill > H1893

This bill establishes a new chapter in Massachusetts law, Chapter 40X, which provides for "Supplemental Infrastructure Financing for Transportation" (SIFT). The key provisions of the bill include: 1. Defining key terms such as "base date," "department," "financial plan," "original assessed value," "SIFT agreement," "SIFT district," "tax increment," and "transportation project." 2. Allowing the Massachusetts Department of Transportation (MassDOT) Secretary to enter into SIFT agreements with municipalities, which must be approved by the municipality. The agreement outlines details like the transportation project, SIFT district boundaries, estimated tax increment revenue, and the method for calculating and remitting the tax increment. 3. Requiring municipalities to hold a public hearing and make the SIFT agreement available for public inspection before approving it through a town meeting, town council, or city council vote. 4. Directing the municipal assessor to certify the original assessed value of the SIFT district and the annual changes in assessed value, and requiring the municipality to set aside and remit the tax increment revenue as per the SIFT agreement. 5. Authorizing MassDOT to promulgate rules and regulations to implement the SIFT program, including criteria for evaluating eligible transportation projects. The overall purpose of this bill is to provide a new mechanism for municipalities to help finance transportation infrastructure projects through the capture and remittance of incremental property tax revenues within a designated SIFT district.

Budget and Finance, Transportation and Infrastructure

https://malegislature.gov/Bills/190/H1893