SECTION 1. Chapter 70 of the General Laws, as appearing in the 2016 Official Edition, is hereby amended by adding the following section:

Section 3B. Target local share

(a) For the purposes of this section, the following word shall have the following meaning:

“Target local share”, means a municipality’s target local contribution as a percentage of its municipal foundation budget.

(b) For the fiscal year 2020, the statewide target local share shall be 58 per cent.

SECTION 2. Section 3B of said Chapter 70 is hereby further amended by striking out subsection b and inserting in place thereof the following:-

(b) For the fiscal year 2021, the statewide target local share shall be 57 per cent.

SECTION 3. Section 3B of said Chapter 70 is hereby further amended by striking out subsection b and inserting in place thereof the following:-

(b) For the fiscal year 2022, the statewide target local share shall be 56 per cent.

SECTION 4. Section 3B of said Chapter 70 is hereby further amended by striking out subsection b and inserting in place thereof the following:-

(b) For the fiscal year 2023, the statewide target local share shall be 55 per cent.

SECTION 5. Section 3B of said Chapter 70 is hereby further amended by striking out subsection b and inserting in place thereof the following:-

(b) For the fiscal year 2024, the statewide target local share shall be 54 per cent.

SECTION 6. Section 2 shall take effect on January 1, 2020.

SECTION 7. Section 3 shall take effect on January 1, 2021.

SECTION 8. Section 4 shall take effect on January 1, 2022.

SECTION 9. Section 5 shall take effect on January 1, 2023.