SECTION 1.  Section 1 of chapter 40Q of the General Laws is hereby amended by striking the definition “Inflation factor” inserted by section 18 of chapter 46 of the acts of 2003 and inserting in place thereof the following:  "Inflation factor'', if the city or town has not included an election statement in its invested revenue district development program, a ratio: (1) the numerator of which shall be the total assessed value of all parcels of residential, commercial and industrial real estate that are assessed at full and fair cash value for the current fiscal year minus the new growth adjustment factor for the current fiscal year attributable to the residential, commercial and industrial real estate as determined by the commissioner of revenue pursuant to paragraph (f) of section 21C of chapter 59; and (2) the denominator of which shall be the total assessed value for the preceding fiscal year of all the parcels included in the numerator; provided, however, the ratio shall not be less than 1.  In the event, that the proposed Invested Revenue District does not include residential property, then the assessed value attributable to residential property shall not be included in either the numerator or the denominator in calculating  the inflation factor.    SECTION 2. Section 1 of chapter 40Q of the General Laws is hereby further amended by striking the word “and” appearing between subparagraphs (6) and (7) of the definition “Invested revenue district development program” and by inserting at the end of the sentence defining “Invested revenue district program” the following punctuation and words:- ,and (8) if applicable, a statement of the city or town electing that the original assessed value not be increased by the adjustment factor  SECTION 3.  Section 1 of chapter 40Q of the General Laws is hereby further amended by striking the definition of “Original assessed value” inserted by section 18 of chapter 46 of the acts of 2003 and inserting in its place the following two sentences:-  "Original assessed value'', the aggregate assessed value of the invested revenue district as of the base date. If the city or town has not included an election statement in its investment district development program, the original assessed value in any year shall be equal to the original assessed value as of the base date multiplied by the adjustment factor for that fiscal year.  SECTION 4. Section 1 of chapter 40Q of the General Laws is hereby further amended by inserting the following new definition immediately prior to the definition of “Base date” as appearing in  section 18 of chapter 46 of the acts of 2003: -  “Adjustment factor”, for each fiscal year of the term of a given development program, the product of the inflation factors for each fiscal year subsequent to the first fiscal year immediately following the base date. (e) Section 1 of chapter 40Q of the General Laws is hereby further amended by striking subparagraph 8 of the definition of “Development program” inserted by section 18 of chapter 46 of the acts of 2003 and inserting in its place the following new subparagraph:-  “the duration of the program which shall not exceed the longer of (i) 30 years from the date of designation of the district or (ii) 30 years from project stabilization (as defined in the development program).