SECTION 1. Section 3E of chapter 23A of the General Laws, as appearing in the 2022 Official Editions, is hereby amended by striking out subsection (b) and replacing it with the following:-

(b) Tax increment financing may be offered by a municipality, in accordance with section 59 of chapter 40 of the General Laws, to the controlling business of a certified project, or to any person or entity undertaking a real estate project or to any person or entity expanding a facility in an area designated by the EACC as a TIF–eligible area. The EACC may designate an area as a TIF–eligible area if it finds, upon petition from the municipality, that there is a strong likelihood that any of the following will occur within the area in question within a specific and reasonably proximate period of time: (i) a significant influx or growth in business activity; (ii) the creation of a significant number of new jobs and not merely a replacement or relocation of current jobs within the commonwealth; (iii) a private project or investment that will contribute significantly to the resiliency of the local economy; or (iv) the conversion and rehabilitation of neglected, dilapidated, or underutilized building structures into useable dwelling units. 

If a municipality offers tax increment financing to the owner of a certified project, the municipal project endorsement for the certified project shall include a fully executed copy of the tax increment financing agreement adopted pursuant to said section 59 of chapter 40. Any tax increment financing agreement shall be approved by the EACC before it shall be valid and enforceable. The EACC may approve a tax increment financing agreement pursuant to regulations adopted by the EACC. Any approval shall include a finding, reflected in the EACC's minutes, that the tax increment financing agreement complies with said section 59 of chapter 40 and will further the public purpose of encouraging increased industrial capacity, commercial activity, and housing supply in the commonwealth.