SENATE DOCKET, NO. 1763        FILED ON: 1/19/2023

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1895

The Commonwealth of Massachusetts

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PRESENTED BY:

Susan L. Moran

_________________

To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:

The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act supporting regional economic development and transit.

_______________

PETITION OF:

SENATE DOCKET, NO. 1763        FILED ON: 1/19/2023

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1895

The Commonwealth of Massachusetts

_______________

In the One Hundred and Ninety-Third General Court
(2023-2024)

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An Act supporting regional economic development and transit.

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 39 of chapter 63 of the General Laws, as appearing in the 2020 Official Edition, is hereby amended by striking out subsection (b) and inserting in place thereof the following subsection:-

(b) A minimum tax as follows:

(1) If the total sales of the corporation in the commonwealth during the taxable year, as determined pursuant to subsection (f) of section 38, are less than $1,000,000, the minimum tax shall be $456.

(2) If the total sales of the corporation in the commonwealth during the taxable year, as determined pursuant to subsection (f) of section 38, are equal to or greater than $1,000,000 and less than $5,000,000, the minimum tax shall be $1,500.

(3) If the total sales of the corporation in the commonwealth during the taxable year, as determined pursuant to subsection (f) of section 38, are equal to or greater than $5,000,000 and less than $10,000,000, the minimum tax shall be $2,500.

(4) If the total sales of the corporation in the commonwealth during the taxable year, as determined pursuant to subsection (f) of section 38, are equal to or greater than $10,000,000 and less than $25,000,000, the minimum tax shall be $3,500.

(5) If the total sales of the corporation in the commonwealth during the taxable year, as determined pursuant to subsection (f) of section 38, are equal to or greater than $25,000,000 and less than $50,000,000, the minimum tax shall be $5,000.

(6) If the total sales of the corporation in the commonwealth during the taxable year, as determined pursuant to subsection (f) of section 38, are equal to or greater than $50,000,000 and less than $100,000,000, the minimum tax shall be $10,000.

(7) If the total sales of the corporation in the commonwealth during the taxable year, as determined pursuant to subsection (f) of section 38, are equal to or greater than $100,000,000 and less than $500,000,000, the minimum tax shall be $25,000.

(8) If the total sales of the corporation in the commonwealth during the taxable year, as determined pursuant to subsection (f) of section 38, are equal to or greater than $500,000,000 and less than $1,000,000,000, the minimum tax shall be $75,000.

(9) If the total sales of the corporation in the commonwealth during the taxable year, as determined pursuant to subsection (f) of section 38, are equal to or greater than $1,000,000,000 the minimum tax shall be $150,000.

(c) 50 per cent of the funds received under subsection (b) shall be placed in the Regional Transportation Trust Fund.

(d) 50 per cent of the funds received under subsection (b) shall be allocated to the Massachusetts Growth Capital Corporation to develop and fund a competitive grant program for businesses classified under paragraph (1) of subsection (b) of this section pursuing improvements related to clean energy usage, as defined in section 1 of chapter 23J.

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

Section 2RRRRR. The Regional Transportation Trust Fund

(a) There shall be a Regional Transportation Trust Fund that shall be administered by the department of transportation. The fund shall consist of amounts credited to the fund from: (1) payments specified under subsection (c) of section 39 of chapter 63 of the General Laws; (2) any appropriations, grants, gifts or other money authorized by the general court or other parties and specifically designated to be credited to the fund; and (3) any income derived from the investment of amounts credited to the fund. Any unexpended balance in the fund at the end of a fiscal year shall not revert to the General Fund and shall be available for expenditure in the subsequent fiscal year.

(b) All amounts credited to the fund shall be used without further appropriation to develop a competitive grant program administered by the department of transportation for regional transit authorities to use or apply clean energy, as defined in section 1 of chapter 23J to pursue infrastructure improvements or expand service.

(c) Eligible grantees for the grant program shall be regional transit authorities in the commonwealth.

(d) All eligible grantees that submit an application shall receive funding, provided, however that funding distributed pursuant to this section shall be based on merit evaluations of the application by the department of transportation.

(e) The department of transportation shall promulgate regulations for the administration of this section.