HOUSE DOCKET, NO. 990        FILED ON: 1/14/2025

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The Commonwealth of Massachusetts

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PRESENTED BY:

Kenneth I. Gordon

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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 updating interest rates for property tax abatements.

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PETITION OF:

HOUSE DOCKET, NO. 990        FILED ON: 1/14/2025

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The Commonwealth of Massachusetts

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In the One Hundred and Ninety-Fourth General Court
(2025-2026)

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An Act updating interest rates for property tax abatements.

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 64 of chapter 59 of the General Laws, as appearing in the 2022 Official Edition, is hereby amended by striking out in line 108, the words “eight per cent” and inserting in place thereof the following words:

“a rate equal to the federal funds rate as published by the Federal Reserve Bank of New York as published on July 1 of the applicable fiscal year”

SECTION 2. Section 69 of chapter 59 of the General Laws, as so appearing, is hereby amended by striking out in line 5, the words “eight per cent” and inserting in place there of the following words:

“a rate equal to the federal funds rate as published by the Federal Reserve Bank of New York as published on July 1 of the applicable fiscal year”