SECTION 1.  Chapter 21 of the General Laws is hereby amended by inserting after section 13 the following section:-

Section 13A.  The department of environmental management shall provide financial assistance from the Charles River Stormwater Management Mitigation Fund established by section 2ZZZ of chapter 29 to cities and towns that demonstrate a reasonable need for state funds to comply with new stormwater phosphorus reduction projects or to complete an existing project to ensure state and federal mandates as satisfied.

SECTION 2.  Chapter 29 of the General Laws is hereby amended by inserting after section 2YYY the following section:-

Section 2ZZZ.  There is hereby established on the books of the commonwealth the Charles River Stormwater Management Mitigation Fund which shall be administered by the department of environmental management.  There shall be credited to the fund monies received from an assessed betterment fee to be applied to the 35 cities and towns abutting the Charles River and watershed areas.  Such fund shall be used to provide assistance to cities, towns and private businesses who are required to participate in state and federal phosphorous reduction pilot programs on the Charles River.

SECTION 3.  Section 6 of chapter 62 of the General Laws, as appearing in the 2006 Official Edition, is hereby amended by adding the following subsection:—

(m) These is hereby established a tax credit for a business for monies spent to meet the costs to meet the requirements of participating in state and federal phosphorous reduction pilot programs on the Charles River.