SENATE DOCKET, NO. 367        FILED ON: 1/13/2009

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 629

The Commonwealth of Massachusetts

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In the Year Two Thousand Nine

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An Act relative to tax increment financing plan reporting..

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

SECTION 1. Section 59 of chapter 40 of the General Laws, as appearing in the 2006 Official Edition, is hereby amended after paragraph (vii) by inserting the following paragraph:

(vii) provides a report to the city or town clerk and the economic assistance coordinating council detailing the status of the construction laid out in the plan; the current value of the property; the number of jobs created to date due to the plan; the salary of newly created positions; and, the plans, if any, to create additional jobs due to the exemption.  A report shall be filed every five years for the term of the tax increment exemption.  A final report shall be filed in the final year of the exemption.

SECTION 2.  The executive office of housing and economic development shall amend 760 CMR and the economic assistance coordinating council shall amend 402 CMR to reflect the changes implemented in Section 1.