SECTION 1. Chapter 29 of the General Laws, as appearing in the 2020 Official Edition, is hereby amended by adding after Section 2QQQQQ the following section:-
Section 2RRRRR. (a) There is hereby established and set up on the books of the commonwealth a separate fund to be known as the Massport Climate Resiliency Trust Fund. The Director of the Massachusetts Port Authority (“Authority”) shall administer the fund and may expend from the fund.
(b) There shall be credited to the fund revenues derived from the dedicated jet fuel excise tax as provided in Section 1 (l) of Chapter 64J of the General Laws.
(c) The public purpose of the Massport Climate Resiliency Trust Fund shall be to provide funding for investment activities to reduce carbon emissions and mitigate climate change impacts in the commonwealth’s airports through investments in electric vehicle infrastructure, energy efficiency in buildings, transitions to sustainable fuels, and other investments as the director deems appropriate.
(d) The director of Massport shall, not later than July 1, annually report to the Joint Committee on Transportation. The report shall include: (1) a list of projects receiving funds; (2) the associated grant amounts; (3) the purposes of the grants; (4) an annual statement of cash inflows and outflows detailing the uses of funds; (5) a forecast of future payments based on current binding obligations; and (6) a detailed breakdown of the purposes and amounts of administrative costs charged to the fund.
SECTION 2. Section 1 of Chapter 64J of the General Laws, as appearing in the 2020 Official Edition, is hereby amended by adding the following subsection:-
(l) Dedicated jet fuel excise tax: The difference between the “Tax per gallon” as defined in section (i) above and the “Tax per gallon” on sales of motor vehicle gasoline as defined in Ch. 64A.
SECTION 3. Section 4 of Chapter 64J of the General Laws, as appearing in the 2020 Official Edition, is hereby amended by adding the following:-
Every licensee shall additionally pay to the commissioner the dedicated jet fuel tax as defined in Section 1(l) of this chapter. The commissioner shall remit the dedicated jet fuel excise tax revenue to the Massport Climate Resiliency Trust Fund, as defined in Section 2RRRRR of Chapter 29.
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