SECTION 1. Notwithstanding any general or special law to the contrary, there is hereby established a special commission to create a Payment In Lieu of Taxes (PILOT) program to fairly compensate cities and towns with significant amounts of non-taxable property. The commission shall also study the feasibility of including in the PILOT program land classified under Chapter 61 and Chapter 61A, as well as land protected by a legal conservation restriction.

The commission shall consist of the commissioner of the division of capital asset management and maintenance, or a designee;  the commissioner of the department of revenue, or a designee; three members of the house of representatives, two of whom shall be appointed by the speaker of the house, and one of whom shall be appointed by the minority leader of the house of representatives; three members of the senate, two of whom shall be appointed by the senate president, and one of whom shall be appointed by the senate minority leader; and five members who shall be appointed by the governor; one of whom shall be a representative of the Massachusetts Municipal Association, one of whom shall be a representative of the Rural Policy Advisory Commission, one of whom shall be a representative of the Massachusetts Association of Regional Planning Agencies, and two of whom shall be residents of municipalities with large amounts of non-taxable property.

The commission shall meet not fewer than four times per year at the discretion of the chair. Meeting locations shall rotate between Boston, Cape Cod and the Islands, central Massachusetts, and western Massachusetts.  Meetings shall be open to the public pursuant to sections 18 to 25, inclusive, of chapter 30A.

The commission shall annually, not later than June 1, report that results of its findings and activities of the preceding year to the governor and to the clerks of the senate and the house of representatives, who shall forward the same to the committees on ways and means and the committees on revenue.