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HOUSE DOCKET, NO.                 FILED ON: 6/9/2014

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 4163

 

 

The Commonwealth of Massachusetts

 

_______________

In the Year Two Thousand Fourteen

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An Act promoting economic growth across the Commonwealth.

 

              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.  To provide for supplementing certain items in the general appropriation act and other appropriations acts  for fiscal year 2014, the sums set forth in section 2 are hereby appropriated from the General Fund unless specifically designated otherwise in this act or in those appropriation acts, for the several purposes and subject to the conditions specified in this act or in those appropriation acts, and subject to the laws regulating the disbursement of public funds for the fiscal year ending June 30, 2014. These sums shall be in addition to any amounts previously appropriated and made available for the purposes of those items.

              SECTION 2.

              EXECUTIVE OFFICE OF HOUSING AND ECONOMIC DEVELOPMENT

              Office of the Secretary

              7002-0032….................................................................................$2,000,000

              Massachusetts Office of Business Development              

              7007-1641……………………………………………………………………$250,000

              SECTION 2A. To provide for certain unanticipated obligations of the commonwealth, to provide for an alteration of purpose for current appropriations and to meet certain requirements of law, the sums set forth in this section are hereby appropriated from the General Fund, unless specifically designated otherwise in this section, for the several purposes and subject to the conditions specified in this section and subject to the laws regulating the disbursement of public funds for the fiscal year ending June 30, 2014.  These sums shall be in addition to any amounts previously appropriated and made available for the purposes of those items.

              EXECUTIVE OFFICE OF HOUSING AND ECONOMIC DEVELOPMENT

              Office of the Secretary

              7002-1501              For the operations, including but not limited to equity investments, of the Massachusetts technology development corporation, currently doing business as MassVentures, established by section 2 of chapter 40G of the General Laws…………………..$1,500,000

              7002-1502              For the Massachusetts development finance agency, as established by section 2 of chapter 23G of the General Laws; provided, that funds in this item shall be used for the gateway cities transformational projects program as established in SECTION 29 of this act……………………………………………………………………………………$10,000,000

              7002-1503              For the purpose of the brownfields redevelopment fund as established by section 29A of chapter 23G of the General Laws……………………………$10,000,000

              7002-1504              For the manufacturing and information technology workforce training program as established by SECTION 30 of this act………………………$15,000,000

              7002-1505              For a competitive technical assistance and grant fund to be administered by the executive office of housing and economic development, in coordination with the federal reserve bank of Boston, to provide multi-year support to promising initiatives in Massachusetts’ smaller cities that advance cross-sector collaboration among the public, private and non-profit sectors; provided, that, to receive funding, a project proposal must catalyze and accelerate initiatives that will create new or stronger working relationships between key institutions, agencies, organizations, and businesses within these cities; provided further, that to be eligible for a competitive grant award, cities must have a population of between 35,000 and 250,000 as well as a median family income that is below the median for all Massachusetts cities and towns with a population between 35,000 and 250,000 and a median poverty rate that is above the median for all Massachusetts cities and towns with a population between 35,000 and 250,000; provided further that the federal reserve bank of Boston will further set program eligibility requirements; provided further, that the private sector and other institutions shall contribute to this program an amount that is at least equal to the total state appropriation for this program....................................................$1,500,000

              Massachusetts Office of Business Development              

              7007-1201              For the Massachusetts technology park corporation doing business as the Massachusetts technology collaborative, established under section 3 of chapter 40J of the General Laws, to establish programs that provide advice and training from successful, experienced entrepreneurs for start-up enterprises and that create a talent pipeline to technology startups and innovation companies; provided, that $1,000,000 shall be expended to establish an entrepreneur and startup mentoring program, in consultation with the Massachusetts technology development corporation, doing business as MassVentures, established by section 2 of chapter 40G of the General Laws, that would provide assistance, mentoring, and advice to startups and innovation companies by connecting early-stage entrepreneurs, technology startups, and small businesses with successful, experienced business enterprises and capital financing; provided further, that $1,000,000 shall be expended to fund paid internships for students seeking careers in technology and innovation industries to work with companies competing actively in those fields; provided further, that the Massachusetts technology collaborative shall seek private funds necessary to match contributions equal to $1 for every $1 contributed by Massachusetts technology collaborative through the internship program; provided further, that in the design and implementation of these programs, the Massachusetts technology collaborative shall consult with and review the talent pipeline and mentoring programs that are administered by the venture development center at the university of Massachusetts at Boston established under chapter 123 of the acts of 2006 in order to model and bring to scale successful talent pipeline programs and practices; provided further, that as a condition of such grants being awarded, the Massachusetts technology collaborative  shall reach agreement with the grant recipient on performance measures and indicators that will be used to evaluate the performance of the grant recipient in carrying out the activities described in the recipient’s application; provided further, that the Massachusetts technology collaborative shall file annual reports for the duration of the programs with the chairs of the house and senate committee on ways and means and the chairs of the joint committee on economic development and emerging technologies, on or before January 1; provided further, that the paid internship program report shall include the number of placements of students in paid internships during the academic year, an analysis of the impact of the program on the ability of participants in the program to enter the full-time job market in the technology and innovation industries after graduation and shall be filed by June 15 of each year; provided further, that the entrepreneurship program report shall include an overview of the activities of the programs, the number of participants in the programs, and an analysis of the impact of said programs on the success of the participants’ startup business ventures; and provided further, that funds in this item shall be available until June 30, 2018…………………………$2,000,000

              7007-1202              For the Massachusetts technology park corporation doing business as the Massachusetts technology collaborative to develop and implement a plan to promote and establish computer science education in the Massachusetts public schools with the primary objective of creating the opportunity for every Massachusetts student to learn computer science as detailed in section 56 of this act; provided, that said plan shall include but not be limited to recommendations for K-12 computer science standards, curriculum, professional development, and school district engagement; provided further, that the Massachusetts technology collaborative shall seek private funds necessary to match contributions equal to $1 for every $1 contributed by the Massachusetts technology collaborative; provided further, that the Massachusetts technology collaborative shall file an annual report for the duration of the program with the chairs of the house and senate committee on ways and means and the chairs of the joint committee on economic development and emerging technologies; and provided further that such reports shall include a three-year strategic plan as well as annual goals and progress in achieving such goals, with the first such annual report to be submitted no later than September 30, 2015….$1,500,000

              7007-1203               For the big data innovation and workforce fund established by SECTION 33 of this act……………...……………………………………………………....$2,000,000

              EXECUTIVE OFFICE OF EDUCATION

              7009-6406 For competitive grants to cities, towns, regional school districts, and institutions of public higher education for the establishment and implementation of early college high school programs; provided, that such programs shall support students who work simultaneously on the completion of a high school diploma from the partnering school district while also earning free college credits towards an associate degree or certificate at the partnering institution of higher education; provided further, that said programs must provide full access to college support services, student activities and tutoring, and shall ensure holistic wrap-around support which meets the academic, social and emotional needs of the student; provided further, that, in awarding these grants, preference shall be given to innovative joint proposals, developed by partnering school districts, colleges, and local and regional non-profits where appropriate; and provided further, that said grants shall be awarded, as much as is feasible, in a manner that reflects geographic and demographic diversit…………………………………….$750,000

              EXECUTIVE OFFICE OF LABOR AND WORKFORCE DEVELOPMENT

              Department of Career Services

              7003-0605              For a grant to the Massachusetts manufacturing extension partnership to conduct a study of the manufacturing industry in berkshire, hampden, hampshire and franklin counties; provided that such study shall assess global market opportunities, identify barriers to growth, develop a strategic roadmap for future growth and indentify next steps to transfer this methodology to other regions; and provided further that the Massachusetts manufacturing extension partnership shall be authorized to contract with outside vendors to conduct the research and analysis of the manufacturing industry…..........…….….$350,000

              SECTION 3  Chapter 6 of the General Laws is hereby amended by inserting after section 216 the following section:-

              Section 217. 

              (a) There shall be a council to be known as the science, technology, engineering and math, or STEM, advisory council. The council shall advise the governor and assist in informing the work of the secretaries of education, labor and workforce development and housing and economic development on issues relating to STEM education and STEM careers in the commonwealth.

              (b) The council shall: 

              (1) confer with participants and parties from the public and private sector involved with STEM planning and programming;

              (2) assess how to increase student interest in, and preparation for, careers in STEM; and

              (3) advise on the creation, implementation of and updates to a statewide STEM plan that contains clear goals and objectives to guide the commonwealth's future STEM efforts, including the creation of benchmarks for improvements.

              (c) The council shall consist of not less than 20 members and not more than 30 members, not including members serving ex officio.  The members of the council shall be appointed by the governor for a term of 2 years and shall serve without compensation.  Council members shall be persons with demonstrated interest, experience and expertise in STEM education and shall include:  a senator in congress representing Massachusetts; a representative in congress representing Massachusetts; a member from the Massachusetts Technology Collaborative; a member from the Massachusetts Clean Energy Center; a member from the Massachusetts Life Sciences Center; a member from the Massachusetts Business Roundtable; the president of the University of Massachusetts, or a designee; a president of a state university, or a designee; a president of a private university, or a designee; a president of a public community college, or a designee; a superintendent of a public school district, or a designee; a superintendent of a vocational technical school, or a designee; a chamber of commerce executive, or a designee; a representative of a regional STEM network; an early education provider; a science or mathematics department chair from a public school district; an out-of-school time or informal educator with expertise in the STEM fields; a parent representative; a member of organized labor; and a member from a not-for-profit organization.

              The following members shall also serve as members of the council, ex officio:  the chairs of the joint committee on education; the chairs of the joint committee on labor and workforce development; the secretary of education; the secretary of labor and workforce development; the secretary of housing and economic development; the commissioner of higher education; the commissioner of elementary and secondary education; and the commissioner of early education and care.  All ex officio members may be represented by designees.  The governor shall designate 2 members of the council to serve as co-chairs, 1 of whom shall be a member from the public sector and 1 of whom shall be a member from the private sector.

              (d) The council shall establish an executive committee comprised of 7 members who shall provide guidance on the recommendations of the council and plan future meetings and initiatives.  The chair shall determine the membership of the executive committee and shall designate subcommittees to focus on particular challenges facing STEM education and the STEM fields in the commonwealth.  The council and its executive committee shall meet at such times and places as determined by the chair.  The council shall report any findings or recommendations, including any recommendations for legislation or regulations, to the governor and to the clerks of the house of representatives and senate at such periods as determined by the chair.

              SECTION 4. Section 4A of chapter 15A of the General Laws is hereby repealed.

              SECTION 5. Said section 3A of chapter 23A of the General Laws, as appearing in the 2012 Official Edition, is hereby further amended by striking out the definition of "Certified project" and inserting in place thereof the following definition:-

              “Certified project”, an expansion project, an enhanced expansion project, a job creation project, or manufacturing retention project that has been approved by the economic assistance coordinating council for participation in the economic development incentive program pursuant to section 3F.

              SECTION 6. Said section 3A of chapter 23A, as so appearing, is hereby further amended by inserting after the definition of "Economic assistance coordinating council" the following definition:-

              “Economic benefit”, awards of tax credits approved under this chapter, any tax increment financing approved under section 3F and section 59 of chapter 40, or special tax assessment approved under section 3F of this chapter.

              SECTION 7. Section 3A of chapter 23A, as so appearing, is hereby amended by striking out the definition of "Economic development incentive program" and inserting in place thereof the following definition:-

              “Economic development incentive program” or “EDIP”, a program designed to promote increased business

              development and expansion in the commonwealth to be administered by the EACC.

              SECTION 8. Said section 3A of chapter 23A, as so appearing, is hereby further amended by striking out the definition of "enhanced expansion project" and inserting in place thereof the following definition:-

              “Enhanced expansion project”, a facility that in its entirety and as of the project proposal date: (i) is located or will be located within the commonwealth; (ii) generates substantial sales from outside of the commonwealth; and (iii) generates a net increase of at least 100 full-time employees within 2 years after project certification, and which shall be maintained for a period of not less than 5 years; provided, however, that in the case of a facility that as of the project proposal date is already located in the commonwealth, enhanced expansion project shall refer only to a facility at which the controlling business has expanded or proposed to expand the number of permanent full-time employees at such facility and the expansion shall represent: (1) an increase in the number of permanent full-time employees employed by the controlling business within the commonwealth; and (2) not a replacement or relocation of permanent full-time employees employed by the controlling business at any other facility located within the commonwealth; provided, further, that in the case of a facility to be located within the commonwealth after the project proposal date, “enhanced expansion project” shall refer only to a facility that is: (a) the first facility of the controlling business to be located within the commonwealth; or (b) a new facility of such business and not a replacement or relocation of an existing facility of such controlling business located within the commonwealth; or an expansion of an existing facility of the controlling business that results in an increase in permanent full-time employees.

              SECTION 9. Said section 3A of chapter 23A, as so appearing, is hereby further amended by striking out the definition of "Expansion project" and inserting in place thereof the following definition:-

              “Expansion project”, a facility that in its entirety and as of the project proposal date: (i) generates substantial sales from outside of the commonwealth; and (ii) generates a net increase of full-time employees within 2 years after project certification, and which shall be maintained for a period of not less than 5 years; provided, however, that in the case of a facility that as of the project proposal date already is in existence, “expansion project” shall refer only to a facility at which the controlling business has proposed to expand the number of permanent full-time employees at such facility to occur after the project proposal date and the expansion shall represent: (1) an increase in the number of permanent full-time employees employed by the controlling business within the commonwealth; and (2) not a replacement or relocation of permanent full-time employees employed by the controlling business at any other facility located within the commonwealth; and provided further, that in the case of a facility to be constructed or relocated after the project proposal date, “expansion project” shall refer only to a facility which is: (a) the first facility of the controlling business to be located within the commonwealth; or (b) a new facility of such business and not a replacement or relocation of an existing facility of such controlling business located within the commonwealth or an expansion of an existing facility of the controlling business that results in an increase in permanent full-time employees.

              SECTION 10. Said section 3A of chapter 23A, as so appearing, is hereby further amended by striking out the definition of "Expansion project EOA".

              SECTION 11. Said section 3A of chapter 23A, as so appearing, is hereby further amended by striking out the definition of "Expansion project ETA".

              SECTION 12. Said section 3A of chapter 23A, as so appearing, is hereby further amended by striking out the definition of " Expansion project proposal" and inserting in place thereof the following definition:-

              “Expansion project proposal”, a proposal submitted by a controlling business to the EACC pursuant to section 3F for designation of a project as a certified expansion project, provided that: (i) the proposal is submitted in a timely manner, in such form and with such information as is prescribed by the EACC, supported by independently verifiable information and signed under the penalties of perjury by a person authorized to bind the controlling business; (ii) the proposal includes specific targets by year for the subsequent 5 calendar year period relative to the projected increase in the number of permanent full-time employees of the controlling business to be employed by and at the project from among residents of the commonwealth; and provided further, that in the case of a project that already is in existence as of the project proposal date, such projected increase shall not be less than 25 per cent over the subsequent 5-year period; and (iii) in the case of a project that is a new facility within the meaning of clause (b) of the definition of expansion project, such proposal shall include the number of permanent full-time employees employed by the controlling business at other facilities located in the commonwealth.

              SECTION 13. Said section 3A of chapter 23A, as so appearing, is hereby further amended by inserting after the definition of "Gateway municipality" the following 2 definitions:

              "Job creation project'', a project or investment by a controlling business that (i) is located or will be located within the commonwealth; (ii) generates substantial sales from outside of the commonwealth; (iii) does not involve a significant investment in the construction or expansion of an existing facility, or otherwise result in an increase in the value of the real property where new jobs are to be located; and (iv) generates a net increase of at least 100 permanent full-time employees within 2 years after project certification, and which shall be maintained for a period of not less than 5 years; provided, however, that in the case of a facility that as of the project proposal date is already located in the commonwealth, job creation project shall refer only to a facility at which the controlling business has expanded or proposed to expand the number of permanent full-time employees at such facility and the expansion shall represent: (1) an increase in the number of permanent full-time employees employed by the controlling business within the commonwealth; and (2) not a replacement or relocation of permanent full-time employees employed by the controlling business at any other facility located within the commonwealth; provided, further, that in the case of a facility to be located within the commonwealth after the project proposal date, "job creation project'' shall refer only to a facility that is: (a) the first facility of the controlling business to be located within the commonwealth; or (b) a new facility of such business and not a replacement or relocation of an existing facility of such controlling business located within the commonwealth; or an expansion of an existing facility of the controlling business that results in an increase in permanent full-time employees.

              "Job creation project proposal'', a proposal submitted by a controlling business to the EACC pursuant to section 3F for designation of a project as an job creation certified project, provided that: (i) the proposal is submitted in a timely manner, in such form and with such information as is prescribed by the EACC, supported by independently verifiable information and signed under the penalties of perjury by a person authorized to bind the controlling business; (ii) the proposal includes specific targets by year for the subsequent 5 calendar year period relative to the projected increase in the number of permanent full-time employees of the controlling business to be employed by and at the project from among residents of the commonwealth; provided further, that in the case of a project that is a new facility within the meaning of clause (b) of the definition of job creation project, such proposal shall include, in addition, the number of permanent full-time employees employed by the controlling business at other facilities located in the commonwealth.

              SECTION 14. Said section 3A of chapter 23A, as so appearing, is hereby further amended by inserting after the definition of "Municipal application" the following definition:-

              “Municipal project endorsement”, the endorsement by the municipality or municipalities in which a proposed project is located as required by clause (b) of subsection (1) of section 3F.

              SECTION 15. Said section 3A of chapter 23A, as so appearing, is hereby further amended by striking out the definition of " Project" and inserting in place thereof the following definition:-

              “Project”, an expansion project, an enhanced expansion project, a job creation project, or a manufacturing retention project.

              SECTION 16. Said section 3A of chapter 23A, as so appearing, is hereby further amended by striking out the definition of “Project proposal" and inserting in place thereof the following definition:-

              “Project proposal”, a proposal submitted by a controlling business to the EACC pursuant to section 3F for designation as a certified expansion project, an enhanced expansion project, a job creation project, or manufacturing retention project.

              SECTION 17. Said section 3A of chapter 23A, as so appearing, is hereby further amended by adding the following 2 definitions:-

              “Special tax assessment”, a binding agreement between a municipality and a controlling business consistent with the requirements of subsection (7) of Section 3F.

              “Tax increment financing agreement”, a binding agreement between a municipality and a controlling business consistent with the requirements of subsection (6) of Section 3F of this chapter and section 59 of chapter 40.

              SECTION 18. Said chapter 23A, as so appearing, is hereby further amended by striking out section 3B and inserting in place thereof the following section:-

              Section 3B. There shall be an economic assistance coordinating council, established within the Massachusetts office of business development. Said council shall consist of 15: the director of the office of business development or his designee who shall serve as co-chairperson; the director of housing and community development or his designee who shall serve as co-chairperson; the director of career services, or his designee; the secretary of labor and workforce development, or his designee; a representative of MOBD designated by the director of the office of business development; the director of economic assistance in the office of business development, or his designee; the president of the Commonwealth Corporation or his designee; and seven members to be appointed by the governor, one of whom shall be from the western region of the commonwealth, one of whom shall be from the central region of the commonwealth, one of whom shall be from the eastern region of the commonwealth, one of whom shall be from the southeastern region of the commonwealth, one of whom shall be from Cape Cod or the islands, one of whom shall be a representative of a higher educational institution within the commonwealth and one of whom shall be from the Merrimack valley, all of whom shall have expertise in issues pertaining to training, business relocation and inner-city and rural development, and all of whom shall be knowledgeable in public policy and international and state economic and industrial trends. Each member appointed by the governor shall serve at the pleasure of the governor. Said council shall adopt bylaws to govern its affairs.

              SECTION 19. Section 3C of said chapter 23A, as so appearing, is hereby further amended by striking out clauses (d) to (h), inclusive, of subsection (1) and inserting in place thereof the following 4 clauses:-

              (d) certify and approve tax increment financing agreements and special tax assessments pursuant to section 3F of this chapter and clause (vii) of section 59 of chapter 40.

              (e) assist municipalities in obtaining state and federal resources and assistance for certified projects and other job creation and retention opportunities within the commonwealth;

              (f) provide appropriate coordination with other state programs, agencies, authorities, and public instrumentalities to enable certified projects and other job creation and retention opportunities to be more effectively promoted by the commonwealth;

              (g) monitor the implementation and operation of the economic development incentive program; and

              SECTION 20. Section 3D of said chapter 23A, as so appearing, is hereby further amended by adding the following subsection:-

              (2) The EACC may amend the boundaries of an ETA to address unique situations in which a commercial or industrial facility, which is the location for a prospective certified expansion project candidate, is located within the boundaries of 2 or more municipalities, with at least one of the municipalities in an existing ETA. Under such circumstance, if all of the municipalities involved wish to certify the proposed project, the boundaries of the ETA may deviate from census tract boundaries to include the parcel or parcels occupied by said commercial or industrial facility. The EACC may consider such an application for amending the boundaries of an ETA; provided, however, that:

              (a) inclusion of the facility and underlying parcels in the pre-existing contiguous ETA does not alter the eligibility of said ETA as determined pursuant to subclause (ii) of clause (a) of section 3D;

              (b) evidence that said commercial or industrial facility is physically located in 2 or more municipalities can be provided;

              (c) the amended ETA application is jointly filed by the municipalities in which the facility and parcels are located, and the EACC approves said amended ETA application; and

              (d) the filing municipalities represent in their joint application that a certified project application will be submitted to the EACC within a reasonable period of time for the project proposing to occupy said facility and parcels.

              SECTION 21. Section 3E of said chapter 23A, as so appearing, is hereby further amended by striking out subclause (iii) of clause (f) of subsection (2) and inserting in place thereof the following subclause:-

              (iii) a statement which describes the municipality’s proposals to secure access to publicly or privately sponsored training programs to be made available to employees of certified projects, or others who reside in the ETA which contains the area proposed for designation, if applicable; and

              SECTION 22. Section 3E of said chapter 23A, as so appearing, is hereby further amended by striking out subsection (3) and inserting in place thereof the following subsection:-

              (3) receipt with the municipal application of a binding written offer from the municipality, subject only to acceptance by the EACC through designation of the area proposed therefor, in the municipal application as an EOA, to provide to certified projects within the project EOA and pursuant to section 59 of chapter 40 either tax increment financing or a special tax assessment consistent with subsections (6) or (7) of section 3F.

              SECTION 23. Said section 3E of chapter 23A, as so appearing, is hereby further amended by striking out the second paragraph of clause (d) of subsection (4) and inserting in place thereof the following paragraph:-

              An EOA shall retain its designation for at least 5 years and not more than 20 years from the date it is so designated, as determined by the EACC, unless such designation is revoked prior to the expiration of the specified period; provided, however, that the EACC shall not specify a duration in excess of that requested in the municipal application. The designation of an EOA may be revoked only by the EACC, and only upon the following grounds: (a) upon the petition of the municipality which requested the designation which petition satisfies the authorization requirements for a municipal application, and which petition shall be granted as a matter of course; or (b) if the EACC determines, based on its own investigation, that plans and commitments incorporated with the municipal application for such designation are materially at variance with the conduct of the municipality subsequent to the designation and such variance is found to frustrate the public purpose which such designation was intended to advance. Any such revocation of an EOA designation shall only be applied prospectively to deny certification to any projects located or to be located in such EOA and not certified prior to such revocation and shall not apply to, nor revoke any benefits due to or which may become due to, any certified project already in existence in said EOA, including but without limitation any benefits included in any plans and commitments incorporated with the municipal application for such designation; provided, however, that in no event shall a certified project receive any benefits arising from its status as a certified project for a period of longer than that specified by the EACC in its certification designation, including any renewals thereof, or 20 years, whichever period is of shorter duration. No designation of an area as an EOA may be renewed or extended except pursuant to the provisions of paragraphs (1) to (4), inclusive.

              SECTION 24. Said section 3E of chapter 23A, as so appearing, is hereby further amended by adding the following subsection:-

              (6) Upon application from a city or town, the EACC may also from time to time designate one or more areas of a city or town as areas presenting exceptional opportunities for increased economic development. In making such designation, the EACC shall consider whether there is a strong likelihood that one or more of the following will occur within the area in question within a specific and reasonably proximate period of time:

              (a) a significant influx or growth in business activity,

              (b) the creation of a significant number of new jobs and not merely a replacement or relocation of current jobs within the commonwealth, and

              (c) a private project or investment that will contribute significantly to the resiliency of the local economy.

              SECTION 25. Said chapter 23A, as so appearing, is hereby further amended by striking out section 3F and inserting in place thereof the following section:-

              Section 3F. (1) The EACC may from time to time designate one or more projects as a certified expansion project, a certified enhanced expansion project, a certified job creation project, or a certified manufacturing retention project, and take any and all actions necessary or appropriate thereto, upon compliance with the following:

              (a) receipt of a project proposal therefor requesting such designation from the controlling business;

              (b) receipt of a municipal project endorsement, which includes the following findings based on the information submitted with said project proposal and such additional investigation as the municipality shall make:

              (i) the project proposal complies with the definition of a project proposal set forth in section 3A;

              (ii) in the case of an expansion project proposal, that the expansion project is consistent with and can reasonably be expected to benefit from the municipality’s plans relative to the project EOA, if and to the extent applicable;

              (iii) together with all other projects previously certified and located in the same municipality, will not overburden the municipality’s supporting resources, including but without limitation those set forth in clause (f) of said paragraph (2) of section 3E;

              (iv) the project proposal includes a workable plan, with precise goals and objectives, by which the controlling business proposes to realize the increased employment objectives for the project and the business’ plan to employ aggressive affirmative action goals, objectives and identification and recruitment techniques and, in the case of an expansion project, the plan for increased employment from among residents of the expansion project ETA, if applicable;

              (v) the project proposal contains documentation regarding an agreement, if any, between the controlling business and area banking institutions by which said controlling business agrees to establish one or more accounts in said banks and said banks agree to commit a specified percentage of the funds deposited in said accounts for loans made thereby to businesses located within the expansion project area pursuant to the Massachusetts capital access program established pursuant to section 57 of chapter 23A;

              (vi) the project as described in the proposal, together with the municipal resources committed thereto, will, if certified, have a reasonable chance of increasing or retaining employment opportunities as advanced in said proposal; and

              (vii) In the case of an expansion project, the municipality or municipalities in which the expansion project is located or will be located each has offered to enter into a tax increment financing agreement meeting the requirements of paragraph (6) or paragraph (7) of Section 3F, or to provide a special tax assessment meeting the requirements of paragraph (7) of Section 3F;

              (c) receipt with the municipal project endorsement of a request by the municipality for a designation of the project as a certified project for a specified number of years, which shall be not less than 5 years nor more than 20 years; and

              (d) the following findings are made by the EACC, based on the project proposal, documents submitted therewith, the municipal project endorsement, and such additional investigation as the EACC shall make, and incorporate in its minutes, that:

              (i) the project proposal complies with the definition of a project proposal set forth in section 3A, with all other applicable statutory requirements, and with such other criteria that EACC may prescribe; and

              (ii) the project as described in the proposal, and as further described in the written determination of the municipality made pursuant to clause (b) will, if certified, have a reasonable chance of increasing or retaining employment opportunities for residents of the ETA or municipality, as applicable.

              (e) Notwithstanding any provisions of sections 3 to 3H, inclusive, to the contrary, as of July 1, 2014 it shall no longer be a requirement that a certified expansion project be located within an ETA and an EOA; provided that an expansion project proposal shall be accompanied by a municipal project endorsement that meets the requirements of clause (b) of subsection (1) of section 3F.

              (2) A certified project shall retain its certification for the period specified by the EACC in its certification decision; provided, however, that such specified period shall be not less than 5 years from the date of certification nor more than: (i) 20 years from such date; or (ii) the number of years requested by the municipality approving the project proposal, whichever is lesser, unless such certification is revoked prior to the expiration of the specified period. The certification of a project may be revoked only by the EACC and only upon: (a) the petition of the municipality that approved the project proposal, if applicable, if the petition satisfies the authorization requirements for a municipal application, or the petition of the director of economic development; and (b) the independent investigation and determination of the EACC that representations made by the controlling business in its project proposal are materially at variance with the conduct of the controlling business subsequent to the certification and such variance is found to frustrate the public purpose that such certification was intended to advance; provided, however, that for an expansion project where the actual number of permanent full-time employees employed by the controlling business at the project is less than 50 per cent of the number of such permanent full-time employees projected in the project proposal, then this shall be deemed a material variance for the purposes of a revocation determination. Upon such a revocation, any and all tax credits available to the controlling business as a result of project certification shall be revoked and forfeited for the year in which revocation occurred and all subsequent years, and the commonwealth, and the municipality, in the case of a certified expansion project, shall have causes of action against the controlling business for the value of any economic benefit received by the controlling business prior or subsequent to such revocation.

              Under this section, revocation shall take effect on the first day of the tax year in which the material variance occurred, as determined by the EACC.

              The revocation of a project certification shall not revoke any benefits due to the project that relate to years prior to the year in which the revocation determination is made, unless the controlling business does not proceed with the certified project or EACC determines that the controlling business made a material misrepresentation in its project proposal, or failed to act in good faith to create and maintain the jobs described in its project proposal. In any such case, both the commonwealth and the municipality shall have causes of action against the controlling business for the value of any economic benefits received subsequent to the date on which such material misrepresentation was made. The commissioner of revenue may, consistent with this paragraph, disallow or recapture any credits, exemptions or other tax benefits allowed by the original certification under this section. The department of revenue shall issue regulations to recapture the value of any credits, exemptions or other tax benefits allowed by the certification under this section.

              Annually, on or before the first Wednesday in December, the EACC shall file a report detailing its findings of the review of all certified projects that it evaluated in the prior fiscal year to the commissioner of revenue, to the chairs of the joint committee on revenue and the chairs of the joint committee on economic development and emerging technologies.

              (3) The EACC shall evaluate and either grant or deny a project proposal within 90 days of its project proposal date and failure to do so by the EACC shall result in approval of the project for a term of 5 years. Approval of a project under this section shall not constitute an approval by the EACC of any tax incentives provided for under chapters 62 and 63.

              (4) The EACC may award to a certified project tax credits available under subsection (g) of section 6 of chapter 62 and section 38N of chapter 63. The amount and duration of the credit awarded shall be based on the following factors:

              (a) for expansion projects:

              (i) the degree to which the project is expected to generate net new economic activity within the commonwealth by generating substantial sales from outside of the commonwealth, or otherwise;

              (ii) the degree to which the project is expected to increase employment opportunities for residents of the project ETA, if applicable, and of the commonwealth; and

              (iii) the economic need of the project ETA as measured by the income and employment levels of the ETA, if applicable;

              (b) for enhanced expansion projects:

              (i) the degree to which the project is expected to generate net economic activity within the commonwealth by generating substantial sales from outside of the commonwealth, or otherwise; and

              (ii) the degree to which the project is expected to increase employment opportunities for residents of the commonwealth;

              (c) for manufacturing retention projects:

              (i) the degree to which the project is expected to generate economic activity within the commonwealth by generating substantial sales from outside of the commonwealth, or otherwise; and

              (ii) the degree to which the project is expected to retain or increase manufacturing employment opportunities for residents in the project gateway municipality and the commonwealth.

              (d) for job creation projects:

              (i) the degree to which the project is expected to generate net economic activity within the commonwealth by generating substantial sales from outside of the commonwealth, or otherwise; and

              (ii) the degree to which the project is expected to increase employment opportunities for residents of the commonwealth; and

              (iii) the degree to which the project qualifies for certification as an expansion project, an enhanced expansion project or a manufacturing retention project, with the expectation that the EACC will certify a proposed project as a job creation project only if the proposed project does not otherwise qualify for certification.

              (5) The EACC may limit any incentive or credit available to a project pursuant to subsection (g) of section 6 of chapter 62 and section 38N of chapter 63 to a specific dollar amount or time duration or in any other manner deemed appropriate by EACC, including limits or restrictions on the right of the controlling business to carry unused credits forward to future tax years.

              (6) Where a municipal project endorsement includes an offer by the municipality to provide the certified project with tax increment financing, said binding written offer shall contain a tax increment financing agreement adopted in accordance with the provisions of section 59 of chapter 40. The EACC may approve such tax increment financing plan pursuant to regulations adopted by the EACC. Any such approval shall include a finding, reflected in the EACC’s minutes, that the tax increment financing plan complies with the requirements of said section 59 of chapter 40 and will further the public purpose of encouraging increased industrial and commercial activity in the commonwealth.

              (7) Where a municipal project endorsement includes an offer by the municipality to provide the certified project with a special tax assessment, the municipal project endorsement shall include a binding written offer setting forth the following assessment schedule for each parcel of real property in and on which is located, and which is otherwise a part of, a certified project:

              (i) in the first year, an assessment of zero per cent of the actual assessed valuation of the parcel; provided, that such assessment shall be granted for the year designated in the binding written offer;

             

              (ii) in the second year, an assessment of up to 25 per cent of the actual assessed valuation of the parcel;

              (iii) in the third year, an assessment of up to 50 per cent of the actual assessed valuation of the parcel;

              (iv) in the fourth year, an assessment of up to 75 per cent of the actual assessed valuation of the parcel;

              (v) in subsequent years, assessment of up to 100 per cent of the actual assessed valuation of the parcel.

              For the purposes of this clause the term “municipality’s fiscal year” shall refer to a period of 365 days beginning, in the first instance, with the, calendar year in which the assessed property is purchased or acquired by the controlling business or the calendar year in which the assessed property becomes part of a certified project, whichever is last to occur; provided, further, that no such written offer from a municipality shall be considered to be binding as aforesaid unless and until it is authorized.

              Notwithstanding anything to the contrary in section 3F, a municipality may offer a special tax assessment to a controlling business without a certified project, provided that (i) the municipality shall make a formal determination that the controlling business is making an investment that will contribute to economic revitalization of the municipality and significantly increase employment opportunities for residents of the municipality; (ii) the municipality shall apply to the EACC for approval of the special tax assessment; and (iii) the EACC shall make a formal finding, based on information presented by the municipality and incorporated into its minutes, that the special tax assessment is reasonably necessary to enable the controlling business’s investment and will further the public purpose of encouraging increased industrial and commercial activity in the commonwealth.

              SECTION 26. Said chapter 23A, as so appearing, hereby is further amended by striking out subsections (a) and (b) of section 63 and inserting in place thereof the following subsections:

              (a) There shall be established within the executive office of housing and economic development a MassWorks infrastructure program: (i) to issue public infrastructure grants to municipalities and other public instrumentalities for design, construction, building, land acquisition, rehabilitation, repair and other improvements to publicly-owned infrastructure including, but not limited to, sewers, utility extensions, streets, roads, curb-cuts, parking, water treatment systems, telecommunications systems, transit improvements and pedestrian and bicycle ways; (ii) for commercial and residential transportation and infrastructure development, improvements and various capital investment projects under the growth districts initiative administered by the executive office of housing and economic development; (iii) to assist municipalities to advance projects that support job creation and expansion, housing development and rehabilitation, community development projects, and small town transportation projects authorized under subsection (e); provided, however, that projects supporting smart growth as defined by the state's sustainable development principles shall be preferred; or (iv) to match other public and private funding sources to build or rehabilitate transit-oriented housing located within .5 miles of a commuter rail station, subway station, ferry terminal, or bus station, at least 25 per cent of which shall be affordable.

              (b) Eligible public infrastructure projects authorized by the preceding paragraph (a)(i) shall be located on public land or on public leasehold, right-of-way or easement. A project that uses grants to municipalities for public infrastructure provided by this section shall be procured by a municipality in accordance with chapter 7, section 39M of chapter 30, chapter 30B and chapter 149.

              SECTION 27.  Chapter 23A, as so appearing, is hereby amended by adding the following section:

              Section 65. (a) The secretary of the executive office of housing and economic development, hereinafter referred to as the secretary, shall establish a Massachusetts financial services advisory council, hereinafter referred to as the council, within the executive office of housing and economic development. The council’s mission shall be to advise the governor on policies, strategies, and initiatives designed to preserve and advance the competitiveness and leadership of the state’s financial services industry, including, but not limited to, the banking, investment management, and insurance sectors.

              (b)              The council shall consist of 15 members: the secretary, who shall serve as chair; the chairs of the joint committee on economic development and emerging technologies; the chairs of the joint committee on financial services; the commissioner of higher education; the executive director of the office of international trade and investment; and 8 representatives of the business community appointed by the secretary; provided, that not fewer than 2 business representatives shall be appointed from each of the following sectors: banking, investment management, and insurance; provided further, that not less than 1 business representative shall be appointed from a company whose headquarters is located in suffolk, middlesex, essex, norfolk or worcester county; provided further, that not less than 1 business representative shall be appointed from a company whose headquarters is located in hampshire, hampden, franklin or berkshire county; and provided further, that not less than 1 business representative shall be appointed from a company whose headquarters is located in bristol, plymouth, nantucket, dukes or barnstable county. The secretary, in making his appointments, shall consider the size of the business representative’s company, including its employee base within the commonwealth and the amount of assets under management or premiums in force. Business representatives shall be appointed for 2 year terms, and may be reappointed without limit to the number of terms.

              (c)              The council shall convene a minimum of 3 meetings per calendar year to exchange ideas and develop strategies for business and government collaboration to strengthen and advance the state’s financial services industry, especially as it relates to public policy, workforce development, international trade and direct foreign investment, and industry promotion.

              SECTION 28.  Section 1 of chapter 23G of the General Laws, as appearing in the 2012 Official Edition, is hereby amended by inserting after the definition of “Economic development project” the following definition:

              “Equity investments” means investments that result in the agency holding a controlling ownership interest in any company; any membership interest that constitutes controlling voting rights in any company; any controlling interest in real estate or other assets; any transaction which in substance falls into any of these categories even though it may be structured as some other form of business transaction; and includes an equity security. The term "equity investment" does not include any of the foregoing if the interest is taken as security for a loan.

              Said section 1 of chapter 23G, as so appearing, is hereby further amended by inserting after the definition of “Sponsor” the following definition:

              “Transformative development” means redevelopment on a scale and character capable of catalyzing significant follow-on private investment, leading over time to transformation of an entire downtown or urban neighborhood, and consistent with local plans. Transformative development may involve major investment in new construction, rehabilitation and adaptive reuse, or multiple smaller investments on a sustained basis.

              SECTION 29.  Said chapter 23G, as so appearing, is hereby further amended by inserting after section 45 the following section:-

              Section 46.  (a) There shall be established and set up on the books of the commonwealth a separate fund to be known as the Transformative Development Fund within the Massachusetts development finance agency. In carrying out its duties under this section, the agency may utilize all the power and authority provided in this chapter. Notwithstanding any other provisions in this chapter, the agency shall have the power and authority to utilize the fund, as provided in this section, to make equity investments and provide technical assistance to revitalize and support residential, commercial, industrial and institutional development, or any mix of such uses, and provide financial assistance to promote collaborative workspaces in gateway municipalities, as defined in section 3A of chapter 23A. The fund will be administered and managed by the fund director, who shall be appointed by the executive director. The agency may adopt such guidelines as are necessary to implement the purposes of the program. The fund may coordinate with other agencies and instrumentalities of the commonwealth to effectuate the purposes of this section.

              (b)              The liabilities and obligations of the fund shall not extend beyond the monies which are deposited in the fund and shall not constitute a debt or pledge of the faith and credit of the commonwealth or any subdivision thereof.

              (c)              Moneys in or received for the fund may be deposited with and invested by any institution as may be designated by the treasurer of the agency at his or her sole discretion and paid as the fund director shall direct. Any return on investment received by the fund as a result of these deposits and the agency’s equity investments shall be deposited and held for the use and benefit of the fund. The treasurer of the agency may make payments from such deposit accounts for use in accordance with the provisions of this section. The agency may be reimbursed annually from the fund for all reasonable and necessary direct costs and expenses incurred with its administration, management and operation of the fund, including reasonable staff time and out-of-pocket expenses and the reasonable administrative costs.

              (d)              The fund shall be eligible to apply for and accept subventions, grants, loans, advances and contributions from any source, of money, property, labor, or other things of value, to be held, used and applied in furtherance of the purposes articulated herein.

              (e)              The agency shall use the fund to make equity investments in property that the agency has determined has the potential to constitute transformative development in one or more gateway municipalities.

              (f)              With respect to any property acquired by the fund, the agency may pledge its ownership interest, physical assets held by the ownership entity, or any portion of the anticipated gross revenue resulting from the fund’s equity investments, to secure loans related to development of the property. The agency may not cross-collateralize the fund’s investments in such property.

              (g)              The fund director shall allocate a portion of the original capitalization of the fund, not to exceed 20 per cent and not less than 10 per cent, to provide technical assistance to revitalize and support development in gateway municipalities, utilizing any or all of the following methods of providing such assistance: (i) grants to support the hiring of professional staff or professional services by a gateway municipality or any instrumentality thereof; (ii) reimbursement for professional staff employed by the agency and imbedded in a gateway municipality; (iii) grants to pay for third-party professional services managed by the agency; and (iv) any other variation on the provision of technical assistance that is consistent with the purposes of this section.

              (h)              At its discretion, the agency may allocate the fund’s technical assistance through a competitive process using criteria that include, without limitation, the existence of a long-term economic development strategy, commitment to effective use of the agency’s technical assistance by the municipality and other local partners, and the potential for transformative development in the gateway municipality.

              (i)              The fund director shall allocate a portion of the original capitalization of the fund, not to exceed 25 per cent and not less than 10 per cent, to support the development in gateway municipalities of collaborative workspaces to spur innovative and creative business growth and economic activity and assist with the redevelopment of underutilized buildings. The program shall: (i) promote the creation of spaces, known as collaborative workspaces, by providing financial assistance for capital investments in underutilized buildings; (ii) foster collaboration and linkages among innovative and creative enterprises by providing central locations for such businesses or individuals to work in an environment designed to promote sharing of resources, experience and expertise; (iii) support partnerships between municipalities, property owners and businesses to establish such collaborative workspaces; and (iv) require such collaborative workspace to provide shared space which promotes the interaction, socialization and coordination among tenants  through the clustering of multiple businesses or individuals within the collaborative workspace. The agency shall, through grants, contracts, or loans, administer the program for the purpose of facilitating collaborative, co-working space to address a regional market demand for affordable work environments that support communication, information sharing and networking opportunities.

              (j)              Loans or grants made under this program may be made to property owners or collaborative workspace operators for building improvements which will be utilized by the collaborative workspace participants, provided that such use of the fund results in corresponding private investment that matches or exceeds the grants from the fund.  In the case of a grant, any participating property owner or collaborative workspace operator must at least match the fund’s investment. In connection with any loan, the agency must reasonably anticipate that its loan will leverage additional private investment in the property.

              (k)              The agency shall solicit applications for financial assistance that promotes collaborative workspaces through a request for proposals. The agency shall establish criteria for the submission of applications; provided, however, that the applications, at a minimum, shall include: (i) a description of the parties involved in the project, including the professional expertise and qualifications of the principals; (ii) a description of the scope of work that shall be undertaken by each party involved in the project; (iii) the proposed budget, including verification of funding from other sources; (iv) a statement of the project objective, including specific information on how the project shall promote the use of the space as collaborative, shared space; (v) a statement that sets forth the implementation plan, the facilities and resources available or needed for the project, and the proposed commencement and termination dates of the project; (vi) a description of the expected significance of the project, including a description of the market demand for the type of workspace proposed in the region that the space will be located and the number of businesses or individuals that will be served as a result of the project; and (vii) any other information that the agency shall deem necessary. The agency shall also establish guidelines for the review and approval of applications that include preferences for proposals that (i) redevelop at least 10,000 square feet in existing properties located in the downtown area of a gateway city; (ii) dedicate at least 25 per cent of accessible space to collaborative use; and (iii) support a cluster of at least 15 separate occupants.

              (l)              The agency shall enter into an agreement with each collaborative workspace operator that receives a grant or loan or enters into a contract under this section (i) on performance measures and indicators that shall be used to evaluate the performance of the collaborative workspace operator in carrying out the activities described in their application; or (ii) any other indicators determined to be necessary to evaluate the performance of the eligible entity. Each collaborative workspace operator shall submit an annual report for the agency’s review for the duration of the collaborative workspace operation. The agency shall enter into an agreement with each property owner that receives a grant or loan or enters into a contract under this section on use of funds and timeframe for use of funds.

              (m)              The agency shall, in coordination with the executive office of housing and economic development, submit an annual report to the clerks of the house and senate who shall forward the report to the house and senate committees on ways and means, the joint committee on economic development and emerging technologies and the joint committee on labor and workforce development on or before December 31. The report shall include a current assessment of the progress of each project funded through the collaborative workspace program and the progress of the participants in the program.

              SECTION 30.  Chapter 29, as so appearing, is hereby amended by inserting after section 2KKKK the following section:-

              Section 2LLLL.  (a) There shall be established and set upon the books of the commonwealth a separate fund to be known as the Advanced Manufacturing and Information Technology Training Trust Fund, hereinafter called the fund. The objective of the fund is to establish and support training and education programs that address the workforce shortages of the advanced manufacturing and information technology industries in the commonwealth to help meet the workforce and talent pipeline needs of employers. The fund shall be administered by the commonwealth corporation who shall make expenditures from the fund, without further appropriation; provided, however, that not more than 10 per cent of the amount held in the fund in any 1 year shall be used by the commonwealth corporation for the combined cost of program administration, technical assistance to grantees and program evaluation 

              (b)              Monies in the fund shall be expended on programs that have 2 or more of the following purposes, with a focus on aligning expenditures with industry needs:

              (1)              identify, support or establish,  collaborative regional partnerships, including but not limited to, employers, workforce development and education organizations and economic development officials in every region of the state where manufacturers have a presence or where the information technology industry and related  occupations demonstrate demand;

              (2)              address critical workforce shortages in advanced manufacturing or information technology;

              (3)              improve employment in the manufacturing or information technology industries for low-income individuals, women and minorities;

              (4)              provide training, educational or career ladder services for currently employed or unemployed manufacturing and information technology workers who are seeking new positions or responsibilities within the manufacturing or information technology industry;

              (5)              develop strong career awareness and advising programs for kindergarten through grade 12, postsecondary, disconnected youth, underemployed workers and unemployed adults;

              (6)              increase support for internship and apprentice training;

              (7)              boost industry-relevant instructor capacity for high school and postsecondary programs; and

              (8)              direct support for succession planning, worker retention and up-skilling strategies for older and incumbent workers.

              (c)              Commonwealth corporation shall establish a competitive grant process for funds expended on programs under subsection (b). Eligible applicants shall include: employers and employer associations; local workforce investment boards; labor organizations; joint labor-management partnerships; community-based organizations; institutions of higher education; kindergarten through grade 12 and vocational education institutions; private for-profit and non-profit organizations providing education and workforce training, one-stop career centers; local workforce development entities; and any partnership or collaboration between eligible applicants. Expenditures from the fund for such purposes shall complement and not replace existing local, state, private, or federal funding for training and educational programs.

              (d)              A grant proposal submitted under subsection (c) shall include, but not be limited to:

              (1)              a plan that defines specific goals for advanced manufacturing or information technology workforce training and educational improvements;

              (2)              the evidence-based programs the applicant shall use to meet the goals;

              (3)              a budget necessary to implement the plan, including a detailed description of any funding or in-kind contributions the applicant or applicants will be providing in support of the proposal;

              (4)              any other private funding or private sector participation the applicant anticipates in support of the proposal; and

              (5)              the proposed number of individuals who would be enrolled, complete training and be placed into employment in the targeted industries.

              (e)              Commonwealth corporation shall, in consultation with the executive office of housing and economic development, executive office of labor and workforce development, department of higher education and the Massachusetts technology collaborative, develop guidelines for an annual review of the progress being made by each grantee. Each grantee shall participate in any evaluation or accountability process implemented by or authorized by the commonwealth corporation. The commonwealth corporation shall file annual reports for the duration of the programs with the chairs of the house and senate committee on ways and means, the chairs of the joint committee on labor and workforce development, and, the chairs of the joint committee on economic development and emerging technologies, on or before January 1; provided further, the report shall include an overview of the activities of the programs, the number of participants in the programs, and the employment outcomes in the programs.

              SECTION 31.  Subsection (a) of section 2MMM  of chapter 29 of the General Laws, as appearing in the 2012 Official Edition,  is hereby amended by striking the last two sentences subsection (a) of section 2MMM of chapter 29 and inserting in place thereof:-

              The department of higher education shall hold the Pipeline Fund in an account or accounts separate from other funds or accounts. Amounts credited to the Pipeline Fund shall be used by the commissioner of higher education, in consultation with the science, technology, engineering, and mathematics (STEM) advisory council, established by SECTION 3 of this act.

              SECTION 32. Chapter 40 of the General Laws is hereby amended by striking out section 59, as appearing in the 2012 Official Edition, and inserting in place thereof the following section:-

              Section 59. Notwithstanding any general or special law to the contrary, any city or town by vote of its town meeting, town council, or city council with the approval of the mayor where required by law, on its own behalf or in conjunction with one or more cities or towns, and pursuant to regulations issued by the economic assistance coordinating council established under section 3B of chapter 23A, may adopt and execute a tax increment financing agreement hereinafter referred to as a TIF agreement, and do any and all things necessary thereto; provided, however, that the TIF agreement:

              (i) includes a description of the parcels to be included in the agreement; provided, however, that the parcels are wholly within an economic target area or an area presenting exceptional opportunities for increased economic development, as defined by section 3D of chapter 23A and as may be defined further by regulations adopted by the economic assistance coordinating council; provided, further, that in the case of a TIF area that includes parcels located in one or more city or towns, the areas included in the TIF agreement shall be contiguous areas of such cities or towns;

              (ii) describes in detail all construction and construction-related activity, public and private, contemplated for such TIF agreement as of the date of adoption of the TIF agreement; provided, however, that in the case of public construction as aforesaid, the TIF agreement shall include a detailed projection of the costs thereof and a betterment schedule for the defrayal of such costs; provided, further, that the TIF agreement shall provide that no costs of such public constructions shall be recovered through betterments or special assessments imposed on any party which has not executed an agreement in accordance with the provisions of clause (v); and provided, further, that in the case of private construction as aforesaid, the TIF agreement shall include the types of industrial and commercial developments which are projected to occur within such TIF area, with documentary evidence of the level of commitment therefore, including but not limited to architectural plans and specifications as required by said regulations;

              (iii) authorizes tax increment exemptions from property taxes, under clause 51 of section 5 of chapter 59, for a specified term not to exceed 20 years, for any parcel of real property which is included in a TIF agreement; provided, however, that the TIF agreement shall specify the level of the exemptions expressed as exemption percentages, not to exceed 100 per cent to be used in calculating the exemptions for the parcel, and for personal property situated on that parcel, as provided under said clause 51 of said section 5 of said chapter 59; provided, further, that the exemption for each parcel of real property shall be calculated using an adjustment factor for each fiscal year of the specified term equal to the product of the inflation factors for each fiscal year since the parcel first became eligible for an exemption under this clause; provided, further that the inflation factor for each fiscal year shall be a ratio;

              (a) the numerator of which shall be the total assessed value of all parcels of commercial and industrial real estate that are assessed at full and fair cash value for the current fiscal year minus the new growth adjustment for the current fiscal year attributable to the commercial and industrial real estate as determined by the commissioner of revenue under subsection (f) of section 21C of chapter 59; and

              (b) the denominator of which shall be the total assessed value for the preceding fiscal year of all the parcels included in the numerator; provided, however, that the ratio shall not be less than 1;

              (iv) establishes a maximum percentage of the costs of any public construction, referenced in clause (ii) and initiated subsequent to the adoption of the TIF agreement, that can be recovered through betterments or special assessments against any parcel of real property eligible for tax increment exemptions from property taxes pursuant to clause (iii) during the period of such parcel’s eligibility for exemption from annual property taxes pursuant to clause 51 of section 5 of chapter 59, notwithstanding the provisions of chapter 80 or any other general or special law authorizing the imposition of betterments or special assessments;

              (v) includes: (a) all material representations of the parties which served as the basis for the descriptions contained in the TIF agreement in accordance with the provisions of clause (ii); (b) a detailed recitation of the tax increment exemptions and the maximum percentage of the cost of public improvements that can be recovered through betterments or special assessments regarding such parcel of real property pursuant to clauses (iii) and (iv); (c) a detailed recitation of all other benefits and responsibilities inuring to and assumed by the parties to such agreement; and (d) a provision that such agreement shall be binding upon subsequent owners of such parcel of real property;

              (vi) delegates to one board, agency or officer of the city or town the authority to execute the agreement in accordance with the provisions of clause (v);

              (vii) is certified as an approved TIF agreement by the economic assistance coordinating council pursuant to section 3F of chapter 23A and regulations adopted by said council; provided, however, that the economic assistance coordinating council shall certify in its vote that the TIF agreement is consistent with the requirements of this section and section 3F of chapter 23A, and will further the public purpose of encouraging increased industrial and commercial activity in the commonwealth;

              (viii) requires of an owner of a parcel pursuant to clause (v) to submit to the city or town clerk and the economic assistance coordinating council a report detailing the status of the construction laid out in the agreement; the current value of the property; and the number of jobs created to date as a result of the agreement; provided, however, that a report shall be filed every two years for the term of the tax increment exemption allowed under clause 51 of section 5 of chapter 59; and provided further, that a final report shall be filed in the final year of the exemption.

              The board, agency or officer of the city or town authorized pursuant to clause (vi) to execute agreements shall forward to the board of assessors a copy of each approved TIF agreement, together with a list of the parcels included therein.

              SECTION 33. Chapter 40J of the General Laws, as so appearing, is hereby amended by inserting after section 6E½ the following section: -

              Section 6H.  There shall be established and set upon the books of the corporation a separate fund to be known as the Big Data Innovation and Workforce fund, to which shall be credited the proceeds of any bonds or notes of the commonwealth issued for the purpose and any appropriations designated by the general court to be credited thereto. The corporation shall hold the fund in an account or accounts separate from other funds, including other funds established under this chapter. Amounts credited to the fund shall be available for expenditure by the corporation, without further appropriation, for any and all activities consistent with the provisions of this section and supportive of the purposes specified in this section as the corporation may determine are appropriate, including without limitation grants, contracts and loans. Amounts credited to the fund shall be expended or applied only with the approval of the executive director of the corporation upon consultation with the director of the John Adams innovation institute. Amounts credited to the fund shall be used to promote the use of big data, so-called, open data and analytics by, including, but not limited to: (i) bringing together academia, industry and public sector organizations to make recommendations regarding how to educate and prepare a workforce for careers in big data, including, but not limited to, through continuing education programs, advanced degree programs, and community college and STEM courses to close the skills gap; (ii) providing access to tools and technology to enable academia and industry to analyze open data sets to help identify and solve problems in transportation, public health, energy and other areas of public policy concern and to support economic development; and (iii) providing challenge grants that enable departments, agencies and instrumentalities of the commonwealth that utilize big data to solve public policy concerns and to  support economic development. The corporation shall support efforts to develop policies and guidelines to safeguard personally identifiable information. 

              SECTION 34.  Section 4 of chapter 40V of the General Laws, as appearing in the 2012 Official Edition, is hereby amended by striking line 7.

              SECTION 35. Section 6 of chapter 62 of the General Laws, as appearing in the 2012 Official Edition, is hereby amended by striking out the first paragraph of clause (1) of subsection (g) and inserting in place thereof the following paragraph:-

              (1) A credit shall be allowed against the tax liability imposed by this chapter, to the extent authorized by the economic assistance coordinating council established in section 3B of chapter 23A, up to an amount equal to 50 per cent of such liability in any taxable year; provided, however, that the 50 per cent limitation shall not apply where the credit is refundable under paragraph (5): (i) for certified expansion projects and certified enhanced expansion projects, as defined in sections 3A and 3F of said chapter 23A, an amount up to 10 per cent, (ii) for certified manufacturing retention projects, as defined in said sections 3A and 3F of said chapter 23A, an amount up to 40 per cent of the cost of property that would qualify for the credit allowed by section 31A of chapter 63 if the property were purchased by a manufacturing corporation or a business corporation engaged primarily in research and development and used exclusively in a certified project as defined in said sections 3A and 3F of said chapter 23A; and, (iii) for certified job creation projects, as defined in said sections 3A and 3F of said chapter 23A, an amount up to $1,000 per job created, or up to $5,000 per job created in a gateway municipality as defined by section 3A of chapter 23A; provided, however, that the total award per project shall be no more than $1,000,000; and further provided that a credit under this clause (iii) shall be allowed only for the year subsequent to that in which the jobs are created. A lessee may be eligible for a credit pursuant to this subsection for real property leased pursuant to an operating lease. Notwithstanding any contrary provisions in section 3F of chapter 23A, if such property is disposed of or ceases to be in qualified use within the meaning of section 31A or ceases to be used exclusively in a certified project before the end of the certified project's certification period, or if a project’s certification is revoked, the recapture provisions of subsection (e) of section 31A shall apply; the revocation shall take effect on the first day of the tax year in which a material variance or material misrepresentation occurred as determined by the EACC. If such property is disposed of after the certified project's certification period but before the end of such property's useful life, the recapture provisions of subsection (e) of section 31A shall apply. The expiration of a certified project's certification shall not require the application of the recapture provisions of subsection (e) of section 31A.

              SECTION 36. Said section 6 of chapter 62, as so appearing, is hereby amended by striking out the fourth sentence of clause (1) of subsection (g) and inserting in place thereof the following sentence:-

              “To the extent applicable, paragraph (2) of section 3F of said chapter 23A shall apply to tax benefits awarded under this section.”

              SECTION 37. Said Section 6 of chapter 62, as so appearing, is further amended by striking out clause (2) of subsection (g) and inserting in place thereof:-

              (2) Any taxpayer entitled to a credit under this subsection for any taxable year may, to the extent authorized by the economic assistance coordinating council established in section 3B of chapter 23A, carry over and apply to the tax for any one or more of the next succeeding ten taxable years, the portion, as reduced from year to year, of those credits which exceed the tax for the taxable year; provided, however, that in no event shall the taxpayer apply the credit to the tax for any taxable year beginning more than five years after the certified project or economic opportunity area ceases to qualify as such under the provisions of chapter 23A. Notwithstanding the foregoing, the EACC may limit or restrict carry-over of credits as set forth in paragraph (5) of section 3F of said chapter 23A.

              SECTION 38. Said section 6 of chapter 62, as so appearing, is hereby further amended by striking out clause (5) of subsection (g) and inserting in place thereof the following clause:-

              (5) If a credit allowed under clauses (ii) and (iii) of paragraph 1 for a certified manufacturing retention project or a certified job creation project exceeds the tax otherwise due under this chapter, 100 per cent of the balance of such credit may, at the option of the taxpayer and to the extent authorized by the economic assistance coordinating council, be refundable to the taxpayer. Such refund shall be for the taxable year in which the qualified property giving rise to that credit is placed in service, in the case of a manufacturing retention project, or for the taxable year subsequent to the year in which the required jobs are added, in the case of a job creation project. If such credit balance is refunded to the taxpayer, the credit carryover provisions of paragraph (2) shall not apply.

              SECTION 39.  Section 6 of  chapter 62, as so appearing, is hereby amended in line 843 by striking the figure $5,000,000  replacing it with $10,000,000.

              SECTION 40.  Said section 6 of chapter 62, as so appearing, is further amended in line 848 by striking the figure $5,000,000 and replacing it with $10,000,000.

              SECTION 41. Said section 6 of chapter 62, as so appearing, is further amended by adding the following subsection:-

              (s)(1)              There shall be a Massachusetts angel investor tax credit.

              (2)              As used in this subsection, the following words shall have the following meanings:

              “Business”, a profession, sole proprietorship, trade partnership, corporation, general partnership, limited liability company, limited partnership, joint venture, business trust, public benefit corporation, non-profit entity or other business entity.

              “Gateway municipality”, a gateway municipality as defined in section 3A of chapter 23A.

              “Qualifying business”, a business which: (a) has its principal place of business in the commonwealth; (b) has at least 50 per cent of its employees located in the business’s principal place of business; (c) has a fully developed business plan that includes all appropriate long and short term forecasts and contingencies of business operations, including research and development, profit, loss and cash flow projections and details of angel investor funding; (d) employs 20 or fewer full-time employees at the time of the taxpayer investor’s initial qualifying investment as provided for in paragraph (3); (e) has a Massachusetts tax identification number; and (f) has gross revenues equal to or less than $500,000 in the fiscal year prior to eligibility.

              “Qualifying investment”, an investment that is at risk and not secured or guaranteed; provided, however, that a qualifying investment shall not include venture capital funds, hedge funds and commodity funds with institutional investors, or investments in a business involved in retail, real estate, professional services, gaming, or financial services.

              “Taxpayer investor”, accredited investors, as defined by the United States Securities and Exchange Commission pursuant to section 2(15)(ii) of the Securities Act of 1933, 15 U.S.C. section 77b(15)(ii), and who is not the principal owner of the qualifying business who is involved as a full-time professional activity.

              (3)              A taxpayer investor who makes a qualifying investment in a qualifying business shall be allowed a credit against the taxes imposed by this chapter in an amount equal to 20 per cent of the amount of the taxpayer’s qualifying investment. A taxpayer investor who makes a qualifying investment in a qualifying business with its principal place of business located in a gateway municipality shall be allowed a credit against the taxes imposed by this chapter in an amount equal to 30 per cent of the amount of the taxpayer’s qualifying investment. Taxpayer investors may invest up to $125,000 per qualifying business per year with a $250,000 maximum for each qualifying business. The total of all tax credits available to a taxpayer investor under this section shall not exceed $50,000 in any 1 tax year.

              (4)              Qualifying investments may be used by a qualifying business for the following purposes: (a) capital improvements; (b) plant equipment; (c) research and development; and (d) working capital. Qualifying investments shall not be used to: pay dividends, fund or repay shareholders’ loans, redeem shares, repay debt, or pay wages or other benefits of the taxpayer investor.

              (5)              The credits allowed under paragraph (3) may be taken against income tax due in either the tax year of the initial investment or in any of the 3 subsequent taxable years. Any amount of the tax credit that exceeds the tax due for a taxable year may be carried forward by the taxpayer investor to any of the 3 subsequent taxable years. If the qualifying business ceases to have its principal place of business in Massachusetts within such 3 year period, the taxpayer investor shall not claim any further credits and must repay the total amount of credits claimed to the commonwealth.

              (6)              The commissioner of revenue, in consultation with the executive office of housing and economic development, shall authorize annually, for the 2 year period beginning January 1, 2015, and ending December 31, 2018, an amount not to exceed $5,000,000 per year for the credits allowed under paragraph (3).

              (7)              The executive office of housing and economic development, in consultation with the commissioner of revenue, shall authorize, administer and determine eligibility for the Massachusetts angel investor tax credit and allocate the credit in accordance with the standards and requirements as set forth in regulations promulgated pursuant to this subsection. The executive office of housing and economic development shall allocate the total available angel investor tax credit among as many qualified Massachusetts businesses as fiscally feasible with the goal of creating and maintaining jobs in the commonwealth.

              (8)              The commissioner of revenue and the executive office of housing and economic development shall prescribe regulations necessary to carry out this subsection.

              (9)              The executive office of housing and economic development and the office of the commonwealth performance, accountability and transparency shall review the Massachusetts angel investor tax credit established by this subsection and report on whether this tax credit achieved the desired outcome and stated public policy purpose and if the tax credit is the most cost effective means of achieving said purpose. The executive office of housing and economic development and the office of commonwealth performance, accountability and transparency shall file a report together with any recommendations regarding legislative changes to the Massachusetts angel investor tax credit or whether the goals of the credit can be better served through other fiscal means, to the governor, the clerks of the house and senate, the joint committee on revenue, the joint committee on community development and small business and the house and senate committees on ways and means no later than 3 years after implementation of the credit.

              SECTION 42. Said section 6 of chapter 62, as so appearing, is further amended by adding the following subsection:-

              (t)(1) As used in this subsection the following words shall, unless the context clearly requires otherwise, have the following meanings:-

              “Advertising and public relations expenditure”, costs incurred within the commonwealth by an eligible theater production for goods or services related to the marketing, public relations, creation and placement of print, electronic, television, billboards and other forms of advertising to promote the eligible theater production.

              “Broadway tour launch”, a live stage production that, in its original or adaptive version, is performed in a qualified production facility and opens its United States tour in Massachusetts.

              “Commissioner”, the commissioner of revenue.

              “Eligible theater production”, a live stage musical or theatrical production or tour being presented in a qualified production facility that is either: (a) a Pre-Broadway production, (b) a Pre Off-Broadway production, or (c) a Broadway tour launch; and is doing business with a Massachusetts-based theater venue, theater company, theater presenter or producer.

              “Eligible theater production certificate”, a certificate issued by the Massachusetts office of travel and tourism certifying that the production is an eligible theater production, which meets the requirements of this subsection.

              “Office”, the Massachusetts office of travel and tourism.

              “Payroll”, all salaries, wages, fees and other compensation including, but not limited to, taxes, benefits and any other consideration paid to, or received on behalf of employees of the applicant for services rendered to and on behalf of an eligible theater production; provided that  “payroll” shall be directly attributable to the eligible theater production, including its pre-production stage, and may include,but is not limited to, (i) writing the script, (ii) casting, (iii) hiring service providers, (iv) making purchases from vendors, (v) marketing, (vi) advertising, (vii) public relations, (viii) load in, (ix) rehearsals, (x) performances, or (xi) load out; and provided further, that “payroll” shall be limited to the first $100,000 paid to or received on behalf of each employee of an eligible theater production in each taxable year.

              “Pre-Broadway production”, a live stage production that, in its original or adaptive version, is performed in a qualified production facility and has a presentation scheduled for New York City’s Broadway theater district within 12 months after its Massachusetts presentation.

              “Pre-Off Broadway production”, a live stage production that, in its original or adaptive version, is performed in a qualified production facility and has a presentation scheduled for New York City’s Off-Broadway theater district within 12 months after its Massachusetts presentation.

              “Production and performance expenditures”, a contemporaneous exchange of cash or cash equivalent for goods or services related to development, production, performance or operating expenditures incurred within the commonwealth by an applicant on behalf of an eligible theater production, including, but not limited to, expenditures for design, construction and operation, including sets, special and visual effects, costumes, wardrobes, make-up and accessories, sound, lighting and staging, transportation expenditures, advertising and public relations expenditures, facility costs, rentals, per diems, accommodations and other related costs; provided that payroll expenditures shall not be considered production and performance expenditures.

              “Qualified production facility”, a facility located within the commonwealth, in which live theatrical productions are, or are intended to be, exclusively presented, and which contains at least 1 stage, a seating capacity of 600 or more seats, and dressing rooms, storage areas and other ancillary amenities necessary for the presentation of an eligible theater production.

              “Transportation expenditures”, expenditures for the packaging, crating and transportation of sets, lighting, sound equipment, costumes, wardrobes, make-up or any other tangible performance or production-related equipment, property or materials, which are either: (i) manufactured outside of the commonwealth and transported into the commonwealth for use in an eligible theater production, or (ii) manufactured within the commonwealth and transported outside of the commonwealth after use in an eligible theater production.  “Transportation expenditures” shall also include expenditures for transporting the cast and crew of an eligible theater production both into and out of commonwealth, which are incurred within the commonwealth.

              (2)               There shall be established a live theater tax credit program under which a taxpayer engaged in the production of an eligible theater production may be eligible. The credit may be claimed against the taxes due pursuant to this chapter. The purpose of the credit shall be to support the expansion of pre-Broadway and pre-Off Broadway live theater and Broadway tour launches and to promote the development and growth of live theater in the commonwealth.

              (3)               A taxpayer that receives an eligible theater production certificate shall be allowed a tax credit equal to 35% of the total payroll expenditures attributable to employees who reside in Massachusetts, 25% of the total payroll expenditures attributable to employees who do not reside in Massachusetts, and 25% of the total production and performance expenditures for the eligible theater production, when the total production budget of the eligible theater production is equal to or greater than $100,000; provided, that such credits shall only be allowable for production costs certified by the commissioner and  directly attributable to activities in the commonwealth and transportation expenditures; and provided further, that no amount of state funds, state loans or state guaranteed loans received by the taxpayer shall be included for the purposes of calculating any costs, budget or credits pursuant to this subsection. 

              (4)               The total cumulative value of the tax credit authorized pursuant to this subsection and section 38HH of chapter 63 shall not exceed $3,000,000 annually.

              (5)               The tax credit authorized pursuant to this subsection shall be allowed against the taxes due for the taxable year in which the credit is earned.  Any amount of the credit that exceeds the taxes due for a taxable year may be carried forward by the taxpayer for not more than 5 subsequent taxable years, as reduced from year to year.

              (6)               Credits allowed to any pass-through tax entity shall be passed through respectively to persons designated as partners, members or owners of such entities on a pro rata basis or pursuant to an executed agreement among such persons documenting an alternate distribution method without regard to their sharing of other tax or economic attributes of such entity.

              (7)              All or any portion of the tax credits issued in accordance with this subsection  may be transferred, sold, assigned or otherwise conveyed to other taxpayers with a tax liability under this chapter or chapter 63. A transferee may carry forward any amount of the tax credit that exceeds the tax due for a taxable year for not more than 5 taxable years following the original recipient’s receipt of the credit. A transferor shall perfect a transfer by notifying the commissioner, in writing, within 30 calendar days following the effective date of the transfer and shall provide any information as may be required by the commissioner to administer and carry out this subsection.

              (8)               Any assignment or sales proceeds received by a transferor for an assignment or sale of a tax credit pursuant to paragraph (7) shall be exempt from taxation pursuant to this chapter.

              (9)               (i) Prior to the debut performance of a live stage musical or theatrical production or tour, an applicant for the tax credit authorized by this subsection shall properly prepare, sign and submit to the office an application for initial certification of the theater production. The application shall be in such form as the office, in consultation with the department of revenue, shall prescribe, and shall require the submission of such information and data as the office deems reasonably necessary for the proper evaluation and administration of the application, including, but not limited to, information about the applicant, the applicant’s business partners, the live stage musical or theatrical production or tour for which an initial theater production certification is being sought, the qualified production facility in which the production will be presented and any plans to present the production in New York’s Broadway or Off-Broadway theater districts. The office shall review the completed application and determine whether the production  (A) will be presented in a qualified production facility; (B) is in fact a Pre-Broadway, Pre-Off Broadway or Broadway tour launch production; and (C) meets any other criteria the office may reasonably require for an initial theater production certification.

              (ii) If the initial certification is granted, the office shall issue a notice of initial certification of the live stage musical or theatrical production or tour to the applicant and to the commissioner. The notice shall contain, at a minimum, (A) a unique identification number; (B) a clear explanation that such notice provides only an initial certification, with final certification as an eligible theater production conditional upon further review; and (C) a clear explanation that the notice does not grant or convey any benefit, including, but not limited to the tax credit authorized by this subsection.

              (10)               (i) Upon completion of a live stage musical or theatrical production or tour which has received an initial certification pursuant to paragraph (9), an applicant shall properly prepare, sign and submit to the office a final application for an eligible theater production certificate. The final application shall, at a minimum, contain a cost report and an accountant’s certification, which shall be a certification of the accuracy of all information included in the cost report, signed by an individual authorized to engage in the practice of public accountancy in the commonwealth. If the office determines that the production is in fact an eligible theater production and meets all other requirements of this subsection for an eligible theater production certificate, it shall forward a copy of such certificate, along with the final application, to the commissioner. 

              (ii) The commissioner shall review the office’s awarding of an eligible production certificate pursuant to clause (i).  Upon approval of said certificate, the commissioner shall certify those payroll and production and performance expenditures for which the applicant may receive the tax credit pursuant to this subsection, and calculate the amount of said credit.  The commissioner shall then issue to the applicant: (A) an eligible theater production certificate, and (B) a certificate stating the amount of the tax credit allowed pursuant to this subsection, each of which shall reference the unique identification number issued pursuant to paragraph (9). The commissioner may rely, without independent investigation, upon the accountant’s certification for the purposes of confirming the accuracy of the information provided in the cost report and calculating the amount of said credit.  The commissioner shall complete the review and, when applicable, issue the certificates required by this subsection within 30 days of the date of receipt of the eligible production certificate from the office.

              (11)(i) An eligible theater production certificate may be revoked by the office, after an independent investigation and determination that representations made by an applicant in either the initial certification process or final certification process are materially at variance with the conduct of the applicant following certification pursuant to paragraph (9) or (10).

              (ii) Revocation shall take effect on the first day of the taxable year in which the office determines that a material variance commenced.  The commissioner shall, as of the effective date of the revocation, disallow any credit allowed pursuant to this subsection. The amount of any credit improperly provided shall be added back as additional taxes due in the year in which the credit was first allowed; provided, however, that in the event that the credit has been transferred pursuant to paragraph (7), the additional taxes shall be assessed against the original applicant for, and recipient of, the credit and shall not be assessed against any transferee.

              (12)               The Massachusetts office of travel and tourism, in consultation with the commissioner, shall promulgate such rules and regulations in accordance with, and necessary for the administration of, this subsection, which shall include regulations to recapture the value of any tax credit allowed.

              SECTION 43.  Section 38BB of said chapter 63, as so appearing, is hereby amended in line 43 by striking out the figure $5,000,000 and inserting in place thereof the following figure:- $10,000,000.

              SECTION 44.  Said section 38BB of chapter 63, as so appearing, is hereby further amended in line 48 by striking the figure $5,000,000 and inserting in place thereof the following figure:- $10,000,000.

              SECTION 45. Section 38N of chapter 63, as so appearing, is hereby amended by striking out the first paragraph of subsection (a) and inserting in place thereof the following paragraph:-

              (a) A corporation subject to tax under this chapter that participates in a certified project, as defined in sections 3A and 3F of chapter 23A, may take a credit against the excise imposed by this chapter to the extent authorized by the economic assistance coordinating council established by section 3B of said chapter 23A, in an amount not to exceed 50 per cent of such liability in a taxable year; provided, however, that the 50 per cent limitation shall not apply if the credit is refundable under subsection (b): (i) for certified expansion projects and certified enhanced expansion projects, as defined in said sections 3A and 3F of said chapter 23A, an amount up to 10 per cent; (ii) for certified manufacturing retention projects, as defined in said sections 3A and 3F of said chapter 23A, an amount up to 40 per cent of the cost of any property that would qualify for the credit allowed by section 31A if the property were purchased by a manufacturing corporation or a business corporation engaged primarily in research and development and is used exclusively in a certified project, as defined in said sections 3A and 3F of said chapter 23A; and, (iii) for certified job creation projects, as defined in said sections 3A and 3F of said chapter 23A, an amount up to $1,000 per job created, or up to $5,000 per job created in a gateway municipality as defined by section 3A of chapter 23A; provided, however, that the total award per project shall be no more than $1,000,000; and further provided that a credit under this clause (iii) shall be allowed only for the year subsequent to that in which the jobs are created. A lessee may be eligible for a credit under this subsection for real property leased under an operating lease.

              SECTION 46. Said section 38N of chapter 63, as so appearing, is further amended by striking out the second to last sentence of the fourth paragraph of subsection (a) and inserting in the place thereof :-

              To the extent applicable, subsection (2) of section 3F of said chapter 23A shall apply to tax benefits awarded under this section.

              SECTION 47. Said section 38N of chapter 63, as so appearing, is hereby further amended by striking out subsection (b) and inserting in place thereof the following subsection:-

              (b) If a credit allowed under clauses (ii) and (iii) of subsection (a) for certified manufacturing retention projects and certified job creation projects exceeds the tax otherwise due under this chapter, 100 per cent of the balance of such credit may, at the option of the taxpayer and to the extent authorized pursuant to the economic assistance coordinating council, be refundable to the taxpayer for the taxable year in which qualified property giving rise to that credit is placed in service, in the case of a manufacturing retention project, or for the taxable year subsequent to the year in which the required jobs are added, in the case of a job creation project. If such credit balance is refunded to the taxpayer, the credit carryover provisions of subsection (d) shall not apply. The amount of credit eligible to be refunded shall be determined without regard to the limitations in subsections (a) and (c).

              SECTION 48. Said chapter 63 is hereby amended by striking out section 38O, as so appearing, and inserting in place thereof the following section:-

              38O. A corporation whose excise under this chapter is based on net income may, in determining such net income, deduct an amount equal to 10 per cent of the cost of renovating an abandoned building that is either located within an economic target area as defined by section 3A of chapter 23A, or part of a certified project as defined by section 3A of chapter 23A.             

              SECTION 49. Chapter 63 of the General Laws, as appearing in the 2012 Official Ediction, is further amended by adding after section 38FF the following section:-

              Section 38GG. (a)              There shall be a Massachusetts angel investor tax credit.

              (b)              As used in this subsection, the following words shall have the following meanings:

              “Business”, a profession, sole proprietorship, trade partnership, corporation, general partnership, limited liability company, limited partnership, joint venture, business trust, public benefit corporation, non-profit entity or other business entity.

              “Gateway municipality”, a gateway municipality as defined in section 3A of chapter 23A.

              “Qualifying business”, a business which: (a) has its principal place of business in the commonwealth; (b) has at least 50 per cent of its employees located in the business’s principal place of business; (c) has a fully developed business plan that includes all appropriate long and short term forecasts and contingencies of business operations, including research and development, profit, loss and cash flow projections and details of angel investor funding; (d) employs 20 or fewer full-time employees at the time of the taxpayer investor’s initial qualifying investment as provided for in paragraph (3); (e) has a Massachusetts tax identification number; and (f) has gross revenues equal to or less than $500,000 in the fiscal year prior to eligibility.

              “Qualifying investment”, an investment that is at risk and not secured or guaranteed; provided, however, that a qualifying investment shall not include venture capital funds, hedge funds and commodity funds with institutional investors, or investments in a business involved in retail, real estate, professional services, gaming, or financial services.

              “Taxpayer investor”, accredited investors, as defined by the United States Securities and Exchange Commission pursuant to section 2(15)(ii) of the Securities Act of 1933, 15 U.S.C. section 77b(15)(ii), and who is not the principal owner of the qualifying business who is involved as a full-time professional activity.

              (3)              A taxpayer investor who makes a qualifying investment in a qualifying business shall be allowed a credit against the taxes imposed by this chapter in an amount equal to 20 per cent of the amount of the taxpayer’s qualifying investment. A taxpayer investor who makes a qualifying investment in a qualifying business with its principal place of business located in a gateway municipality shall be allowed a credit against the taxes imposed by this chapter in an amount equal to 30 per cent of the amount of the taxpayer’s qualifying investment. Taxpayer investors may invest up to $125,000 per qualifying business per year with a $250,000 maximum for each qualifying business. The total of all tax credits available to a taxpayer investor under this section shall not exceed $50,000 in any 1 tax year.

              (4)              Qualifying investments may be used by a qualifying business for the following purposes: (a) capital improvements; (b) plant equipment; (c) research and development; and (d) working capital. Qualifying investments shall not be used to: pay dividends, fund or repay shareholders’ loans, redeem shares, repay debt, or pay wages or other benefits of the taxpayer investor.

              (5)              The credits allowed under paragraph (3) may be taken against income tax due in either the tax year of the initial investment or in any of the 3 subsequent taxable years. Any amount of the tax credit that exceeds the tax due for a taxable year may be carried forward by the taxpayer investor to any of the 3 subsequent taxable years. If the qualifying business ceases to have its principal place of business in Massachusetts within such 3 year period, the taxpayer investor shall not claim any further credits and must repay the total amount of credits claimed to the commonwealth.

              (6)              The commissioner of revenue, in consultation with the executive office of housing and economic development, shall authorize annually, for the 2 year period beginning January 1, 2015, and ending December 31, 2018, an amount not to exceed $5,000,000 per year for the credits allowed under paragraph (3).

              (7)              The executive office of housing and economic development, in consultation with the commissioner of revenue, shall authorize, administer and determine eligibility for the Massachusetts angel investor tax credit and allocate the credit in accordance with the standards and requirements as set forth in regulations promulgated pursuant to this subsection. The executive office of housing and economic development shall allocate the total available angel investor tax credit among as many qualified Massachusetts businesses as fiscally feasible with the goal of creating and maintaining jobs in the commonwealth.

              (8)              The commissioner of revenue and the executive office of housing and economic development shall prescribe regulations necessary to carry out this subsection.

              (9)              The executive office of housing and economic development and the office of the commonwealth performance, accountability and transparency shall review the Massachusetts angel investor tax credit established by this subsection and report on whether this tax credit achieved the desired outcome and stated public policy purpose and if the tax credit is the most cost effective means of achieving said purpose. The executive office of housing and economic development and the office of commonwealth performance, accountability and transparency shall file a report together with any recommendations regarding legislative changes to the Massachusetts angel investor tax credit or whether the goals of the credit can be better served through other fiscal means, to the governor, the clerks of the house and senate, the joint committee on revenue, the joint committee on community development and small business and the house and senate committees on ways and means no later than 3 years after implementation of the credit.

              SECTION 50. Chapter 63 of the General Laws is hereby amended by inserting after section 38FF the following section:-

              Section 38HH. (a) As used in this subsection the following words shall, unless the context clearly requires otherwise, have the following meanings:-

              “Advertising and public relations expenditure”, costs incurred within the commonwealth by an eligible theater production for goods or services related to the marketing, public relations, creation and placement of print, electronic, television, billboards and other forms of advertising to promote the eligible theater production.

              “Broadway tour launch”, a live stage production that, in its original or adaptive version, is performed in a qualified production facility and opens its United States tour in Massachusetts.

              “Commissioner”, the commissioner of revenue.

              “Eligible theater production”, a live stage musical or theatrical production or tour being presented in a qualified production facility that is either: (a) a Pre-Broadway production, (b) a Pre Off-Broadway production, or (c) a Broadway tour launch; and is doing business with a Massachusetts-based theater venue, theater company, theater presenter or producer.

              “Eligible theater production certificate”, a certificate issued by the Massachusetts office of travel and tourism certifying that the production is an eligible theater production, which meets the requirements of this subsection.

              “Office”, the Massachusetts office of travel and tourism.

              “Payroll”, all salaries, wages, fees and other compensation including, but not limited to, taxes, benefits and any other consideration paid to, or received on behalf of employees of the applicant for services rendered to and on behalf of an eligible theater production; provided that  “payroll” shall be directly attributable to the eligible theater production, including its pre-production stage, and may include,but is not limited to, (i) writing the script, (ii) casting, (iii) hiring service providers, (iv) making purchases from vendors, (v) marketing, (vi) advertising, (vii) public relations, (viii) load in, (ix) rehearsals, (x) performances, or (xi) load out;  and provided further, that “payroll” shall be limited to the first $100,000 paid to or received on behalf of each employee of an eligible theater production in each taxable year.

              “Pre-Broadway production”, a live stage production that, in its original or adaptive version, is performed in a qualified production facility and has a presentation scheduled for New York City’s Broadway theater district within 12 months after its Massachusetts presentation.

              “Pre-Off Broadway production”, a live stage production that, in its original or adaptive version, is performed in a qualified production facility and has a presentation scheduled for New York City’s Off-Broadway theater district within 12 months after its Massachusetts presentation.

              “Production and performance expenditures”, a contemporaneous exchange of cash or cash equivalent for goods or services related to development, production, performance or operating expenditures incurred within the commonwealth by an applicant on behalf of an eligible theater production, including, but not limited to, expenditures for design, construction and operation, including sets, special and visual effects, costumes, wardrobes, make-up and accessories, sound, lighting and staging, transportation expenditures, advertising and public relations expenditures, facility costs, rentals, per diems, accommodations and other related costs; provided that payroll expenditures shall not be considered production and performance expenditures.

              “Qualified production facility”, a facility located within the commonwealth, in which live theatrical productions are, or are intended to be, exclusively presented, and which contains at least 1 stage, a seating capacity of 600 or more seats, and dressing rooms, storage areas and other ancillary amenities necessary for the presentation of an eligible theater production.

              “Transportation expenditures”, expenditures for the packaging, crating and transportation of sets, lighting, sound equipment, costumes, wardrobes, make-up or any other tangible performance or production-related equipment, property or materials, which are either: (i) manufactured outside of the commonwealth and transported into the commonwealth for use in an eligible theater production, or (ii) manufactured within the commonwealth and transported outside of the commonwealth after use in an eligible theater production.  “Transportation expenditures” shall also include expenditures for transporting the cast and crew of an eligible theater production both into and out of commonwealth, which are incurred within the commonwealth.

              (b)               There shall be established a live theater tax credit program under which a taxpayer engaged in the production of an eligible theater production may be eligible. The credit may be claimed against the taxes due pursuant to this chapter. The purpose of the credit shall be to support the expansion of pre-Broadway and pre-Off Broadway live theater and Broadway tour launches and to promote the development and growth of live theater in the commonwealth.

              (c)               A taxpayer that receives an eligible theater production certificate shall be allowed a tax credit equal to 35% of the total payroll expenditures attributable to employees who reside in Massachusetts, 25% of the total payroll expenditures attributable to employees who do not reside in Massachusetts, and 25% of the total production and performance expenditures for the eligible theater production, when the total production budget of the eligible theater production is equal to or greater than $100,000; provided, that such credits shall only be allowable for production costs certified by the commissioner and  directly attributable to activities in the commonwealth and transportation expenditures; and provided further, that no amount of state funds, state loans or state guaranteed loans received by the taxpayer shall be included for the purposes of calculating any costs, budget or credits pursuant to this subsection. 

              (d)               The total cumulative value of the tax credit authorized pursuant to this section and subsection (t) of section 6 of chapter 63 shall not exceed $3,000,000 annually.

              (e)               The tax credit authorized pursuant to this subsection shall be allowed against the taxes due for the taxable year in which the credit is earned.  Any amount of the credit that exceeds the taxes due for a taxable year may be carried forward by the taxpayer for not more than 5 subsequent taxable years, as reduced from year to year.

              (f)               Credits allowed to any pass-through tax entity shall be passed through respectively to persons designated as partners, members or owners of such entities on a pro rata basis or pursuant to an executed agreement among such persons documenting an alternate distribution method without regard to their sharing of other tax or economic attributes of such entity.

              (g)              All or any portion of the tax credits issued in accordance with this subsection  may be transferred, sold, assigned or otherwise conveyed to other taxpayers with a tax liability under this chapter or chapter 62. A transferee may carry forward any amount of the tax credit that exceeds the tax due for a taxable year for not more than 5 taxable years following the original recipient’s receipt of the credit. A transferor shall perfect a transfer by notifying the commissioner, in writing, within 30 calendar days following the effective date of the transfer and shall provide any information as may be required by the commissioner to administer and carry out this subsection.

              (h)               Any assignment or sales proceeds received by a transferor for an assignment or sale of a tax credit pursuant to subsection (g) shall be exempt from taxation pursuant to this chapter.

              (i)               (1) Prior to the debut performance of a live stage musical or theatrical production or tour, an applicant for the tax credit authorized by this subsection shall properly prepare, sign and submit to the office an application for initial certification of the theater production. The application shall be in such form as the office, in consultation with the department of revenue, shall prescribe, and shall require the submission of such information and data as the office deems reasonably necessary for the proper evaluation and administration of the application, including, but not limited to, information about the applicant, the applicant’s business partners, the live stage musical or theatrical production or tour for which an initial theater production certification is being sought, the qualified production facility in which the production will be presented and any plans to present the production in New York’s Broadway or Off-Broadway theater districts. The office shall review the completed application and determine whether the production  (i) will be presented in a qualified production facility; (ii) is in fact a Pre-Broadway, Pre-Off Broadway or Broadway tour launch production; and (iii) meets any other criteria the office may reasonably require for an initial theater production certification.

              (2) If the initial certification is granted, the office shall issue a notice of initial certification of the live stage musical or theatrical production or tour to the applicant and to the commissioner. The notice shall contain, at a minimum, (i) a unique identification number; (ii) a clear explanation that such notice provides only an initial certification, with final certification as an eligible theater production conditional upon further review; and (iii) a clear explanation that the notice does not grant or convey any benefit, including, but not limited to the tax credit authorized by this subsection.

              (j)               (1) Upon completion of a live stage musical or theatrical production or tour which has received an initial certification pursuant to subsection (i), an applicant shall properly prepare, sign and submit to the office a final application for an eligible theater production certificate. The final application shall, at a minimum, contain a cost report and an accountant’s certification, which shall be a certification of the accuracy of all information included in the cost report, signed by an individual authorized to engage in the practice of public accountancy in the commonwealth. If the office determines that the production is in fact an eligible theater production and meets all other requirements of this subsection for an eligible theater production certificate, it shall forward a copy of such certificate, along with the final application, to the commissioner. 

              (2) The commissioner shall review the office’s awarding of an eligible production certificate pursuant to paragraph (1).  Upon approval of said certificate, the commissioner shall certify those payroll and production and performance expenditures for which the applicant may receive the tax credit pursuant to this subsection, and calculate the amount of said credit.  The commissioner shall then issue to the applicant: (i) an eligible theater production certificate, and (ii) a certificate stating the amount of the tax credit allowed pursuant to this subsection, each of which shall reference the unique identification number issued pursuant to subsection (i). The commissioner may rely, without independent investigation, upon the accountant’s certification for the purposes of confirming the accuracy of the information provided in the cost report and calculating the amount of said credit.  The commissioner shall complete the review and, when applicable, issue the certificates required by this subsection within 30 days of the date of receipt of the eligible production certificate from the office.

              (k)(1)               An eligible theater production certificate may be revoked by the office, after an independent investigation and determination that representations made by an applicant in either the initial certification process or final certification process are materially at variance with the conduct of the applicant following certification pursuant to subsection (i) or (j).

              (2) Revocation shall take effect on the first day of the taxable year in which the office determines that a material variance commenced.  The commissioner shall, as of the effective date of the revocation, disallow any credit allowed pursuant to this subsection. The amount of any credit improperly provided shall be added back as additional taxes due in the year in which the credit was first allowed; provided, however, that in the event that the credit has been transferred pursuant to subsection (g), the additional taxes shall be assessed against the original applicant for, and recipient of, the credit and shall not be assessed against any transferee.

              (12)               The Massachusetts office of travel and tourism, in consultation with the commissioner, shall promulgate such rules and regulations in accordance with, and necessary for the administration of, this subsection, which shall include regulations to recapture the value of any tax credit allowed.

              (13)              The credit authorized by this section shall only be allowed against the tax liability of a corporation that is included in a consolidated return which qualifies for the credit. The credit authorized by this section shall not be allowable against the tax liability of other corporations that may join in the filing of a consolidated tax return; provided, however, that in the case of a corporation that files a consolidated return with 1 or more other corporations with operations in Massachusetts, the credit may be included in a consolidated return with respect to such corporations with operations in Massachusetts only.

              SECTION 51. Section 1 of chapter 64H of the General Laws, as appearing in the 2012 Official Edition, is hereby amended by inserting after the definition of “Home service provider” the following definition:-

              “Marine industrial park”, a multi-use complex on tidelands within a designated port area, at which:

              (a) the predominant use is for water-dependent industrial purposes; in general, at least two thirds of the park site landward of any project shoreline must be used exclusively for such purposes;

              (b) spaces and facilities not dedicated to water-dependent industrial use are available primarily for general industrial purposes; uses that are neither water-dependent nor industrial may occur only in a manner that is incidental to and supportive of the water-dependent industrial uses in the park, and may not include general residential or hotel facilities; and

              (c) any commitment of spaces and facilities to uses other than water-dependent industry is governed by a comprehensive park plan, prepared in accordance with M.G.L. c. 30, §§ 61 through 62H, if applicable, and accepted by the department of environmental protection in a written determination.

              SECTION 52. Paragraph (f) of section 6 of said chapter 64H, as so appearing, is hereby amended by striking out, in line 49, the word “and”.

              SECTION 53. Paragraph (f) of section 6 of said chapter 64H, as so appearing, is hereby amended by inserting, in line 61, after the words “such certificate” the following words:-

              ; and (4) any building or structure located in a Marine Industrial Park, provided that said building or structure is used exclusively as an agricultural production, seafood processing or seafood storage facility, notwithstanding whether such building or structure is owned by or held in trust for the benefit of any governmental body or agency mentioned in paragraph (d) and used exclusively for public purposes. A purchaser shall maintain records of all purchases on which exemption is claimed under subparagraph (4). If the building or structure ceases to be used exclusively as an agricultural production, seafood processing or seafood storage facility, use tax shall accrue at that time to the owner of the building or structure on a portion of the sales price on which the exemption was claimed that is proportionate to the remaining useful life of the property as a percentage of the original useful life of such property

              SECTION 54. Section 110 of chapter 175 of the General Laws is amended by striking out subsection (A) and inserting in place thereof the following:-

              Section 110. (A) Nothing in section one hundred and eight shall be construed to apply to or affect or prohibit the issue of any general or blanket policy of insurance to groups, including, but not limited to, the following:

              (a)              any employer, whether an individual, association, co-partnership, or corporation, or the trustees of a fund established by the employer; or

              (b)              any municipal corporation or any department thereof not referred to in (c); or

              (c)              any police, fire or governmental department or volunteer fire department or first aid or civil defense or other such department; or

              (d)              any college, school or other institution of learning, or a school district or districts or school jurisdictional unit, or the head or principal or governing board thereof; or

              (e)              any organization for health, recreational or military instruction or treatment; or

              (f)              any automobile club, underwriters’ corps, salvage bureau or like organization; or

              (g)              any trade union or other association of wage workers described in section twenty-nine; or

              (h)              the trustees of a fund established by two or more employers in the same industry or by one or more of such trade unions or associations of wage workers, or by one or more employers and one or more of such trade unions or associations; or

              (i)              any association of employers or employees in the same or related industry having a constitution and by-laws and formed in good faith for purposes other than that of obtaining insurance for its association members and employees, under which the officers, members of the union or unions, or of the association or associations, or employees of the employer or employers, or classes or departments thereof, or the students or patients thereof, as the case may be, are insured against loss or damage from disease or specified accidental bodily injuries, or death caused by such injuries, contracted or sustained while exposed to the hazards of the occupation, the course of instruction or treatment, or otherwise, for a premium intended to cover the risks of all persons insured under such policy; or

              (j)              a bank, association, financial or other institution, vendor, or to a parent holding company, or to the trustee, trustees or agent designated by one or more banks, associations, financial or other institutions, or vendors under which debtors, guarantors or purchasers are insured against loss of time resulting from disease or specified bodily injuries, in an amount with respect to each obligation not to exceed the lesser of the total of the scheduled payments on the obligation, or $125,000 of principal obligation plus finance charges; provided, however, that no person shall be insured under any said policy for a period of more than fifteen years with respect to each said obligation; provided, further, that where the coverage is for less than the full amount of said obligation, the periodic benefit payment shall cover either the full amount of each periodic payment on said obligation or the maximum periodic benefit set forth in said policy until the maximum aggregate benefit of said policy is reached; and provided, further, that said $125,000 limitation and said fifteen year period limitation contained in this clause shall not apply to said insurance for which no identifiable charge is made to the debtor, co-debtor or guarantor; or

              (k)              an incorporated or unincorporated religious, charitable, recreational, educational or civic organization, or branch thereof; or

              (l)              a restaurant, hotel, motel, resort, innkeeper, or other group with a high degree of potential customer liability; or

              (m)              a travel agency, or other organization that arranges travel related services; or

              (n)              a sports team, camp or sponsor thereof; or

              (o)              a common carrier or operator, owner or lessee of a means of transportation; or

              (p)              an incorporated or unincorporated association or persons having a common interest or calling forms for purposes other than obtaining insurance; or

              (q)              under a policy or contract issued to a bank, association, financial or other institution, vendor, or to a parent holding company, or to the trustee, trustees or agent designated by one or  more banks, associations, financial or other institutions, or vendors, which shall be deemed the policyholder, covering accountholders, debtors, guarantors, or purchasers.

              (r)              any other risk or class of risks which, in the discretion of the Commissioner, may be properly eligible for a general or blanket policy. The discretion of the Commissioner may be exercised on an individual risk basis or class of risks, or both.  Any general or blanket policy which qualifies as creditable coverage pursuant to chapter 111M and is delivered or issued for delivery in the commonwealth, and any certificate and the schedule of premium charges issued in connection with such policy, shall be furnished to the commissioner upon his request. Any such policy on which the premiums are paid by the policyholder wholly from the employer’s funds or funds contributed by him, insuring all eligible employees, shall be deemed a general or blanket policy within the meaning of this section. Any such policy on which the premiums are paid by the policyholder, either partly from the employer’s funds or funds contributed by him and partly from funds contributed by the insured employees, or wholly from funds contributed by the insured employees, and the benefits of which are offered to all eligible employees, and insuring not less than seventy-five per cent of such employees or not less than eight thousand of such employees who are principally employed within the commonwealth, or the members of an association of such employees if the members so insured constitute not less than seventy-five per cent of all eligible employees or not less than eight thousand of such employees who are principally employed within the commonwealth, shall be deemed a general or blanket policy within the meaning of this section. Any general or blanket policy which does not qualify as creditable coverage pursuant to chapter 111M and is delivered or issued for delivery in the commonwealth, and any certificate and the schedule of premium charges issued in connection with that policy, shall be furnished to the commissioner upon request thereby. Any such policy on which the premiums are paid by the policyholder wholly from the employer’s funds or funds contributed by him, insuring all eligible employees, shall be considered a general or blanket policy within the meaning of this section. Any such policy on which the premiums are paid by the policyholder, either partly from the employer’s funds or funds contributed by him and partly from funds contributed by the insured employees, or wholly from funds contributed by the insured employees, and the benefits of which are offered to all eligible employees shall be considered a general or blanket policy within the meaning of this section. A policy which qualifies as creditable coverage pursuant to chapter 111M and on which the premiums are paid by the trustees of a fund, established as described in clause (h) of this subdivision, wholly from funds contributed by the employer or employers of the employees, or by the union or association, or by the union or associations, or by both, or the premiums on which are paid by such trustees partly from such funds contributed by the employer or employers of the employees, or by the union or unions or association or associations, or both, and partly from funds contributed by the insured persons specifically for their insurance, and insuring all employees of the employer or employers and/or all the members of the union or unions or association or associations, or all of any class or classes thereof determined by conditions pertaining to their employment, or to membership in the union or unions, or association or associations, or to both, or a policy issued to the trustees of a fund established by one or more employers and one or more such trade unions or associations, the premiums on which are paid by such trustees partly from such funds contributed by the employers, unions or associations, or both, and partly from funds contributed by the insured persons specifically for their insurance, and the benefits of which are offered to all eligible persons, and insuring not less than seventy-five per cent of such eligible employees of the employer or employers or of such eligible members of the union or unions or association or associations, who remit funds for premium payments to the trustees, shall also be deemed a general or blanket policy within the meaning of this section. A policy which does not qualify as creditable coverage pursuant to chapter 111M and on which the premiums are paid by the trustees of a fund, established as described in clause (h), wholly from funds contributed by the employer or employers of the employees, or by the union or association, or by the unions or associations, or by both, or on which the premiums are paid by the trustees partly from funds contributed by the employer or employers of the employees, or by the union or unions or association or associations, or both, and partly from funds contributed by the insured persons specifically for their insurance, and insuring all eligible employees of the employer or employers or all the eligible members of the union or unions or association or associations, or all eligible employees or members of any class or classes thereof determined by conditions pertaining to their employment, or to membership in the union or unions, or association or associations, or to both, or such a policy on which the premiums are paid by the trustees partly or wholly from funds contributed by the insured persons specifically for their insurance the benefits of which are offered to all eligible employees of the employer or employers or all eligible members of the union or unions or association or associations, or all eligible employees or members of any class or classes thereof determined by conditions pertaining to their employment, or to membership in the union or unions, or association or associations, or to both, or such a policy issued to the trustees of a fund established by 1 or more employers and 1 or more trade unions or associations, the premiums on which are paid by the trustees partly from funds contributed by the employers, unions or associations, or both, and partly or wholly from funds contributed by the insured persons specifically for their insurance, and the benefits of which are offered to all eligible persons, who remit funds for premium payments to the trustees, shall also be considered a general or blanket policy within the meaning of this section. In the case of a policy which does not qualify as creditable coverage pursuant to chapter 111M and which is issued to a trade union or association under clause (g) on which the premiums are to be paid by the trade union or association, or the trade union, association and its members jointly, or wholly by its members, and the benefits of the policy are offered to all eligible members, shall also be considered a general or blanket policy within the meaning of this section. In case of a policy which qualifies as creditable coverage pursuant to chapter 111M and is issued to a trade union or association under clause (g) of this subdivision on which the premium is to be paid by the trade union or association and its members jointly, or by its members, and the benefits of the policy are offered to all eligible members, not less than seventy-five per cent or not less than eight thousand of such members principally employed within the commonwealth may be so insured. In any general or blanket policy issued under clause (a) of this subdivision, the word “employees” may include the officers, managers and employees of subsidiary or affiliated corporations, and the individual proprietors, partners and employees of affiliated individuals and firms, if the business of the employer and of such subsidiary or affiliated corporations, firms or individuals is under common control, through stock ownership, contract or otherwise. Any general or blanket policy issued under this section may provide that the term “employees” shall include retired employees, former employees, the partners or individual proprietors, if an employer is a partnership or an individual proprietor, and if such partners or proprietors are actively engaged in and devote a substantial part of their time to the conduct of the business of the proprietor or partnership; and the trustees or their employees, or both, if their duties are principally connected with such trusteeship.

              SECTION 55. Section 171 of chapter 240 of the acts of 2010 is hereby amended by striking out, in lines 4 and 5, the words “$50,000,000 and not more than $100,000,000 in banks or financial institutions” and inserting in place thereof the following words:- $100,000,000 and not more than $150,000,000 in banks, financial institutions or other investment funds

              SECTION 56.  The Massachusetts technology collaborative, hereinafter referred to as “the collaborative,” shall, subject to appropriation, serve as the state agent in support of the objectives of the Massachusetts computing attainment network, hereinafter referred to as MassCAN; provided, that the primary goal of MassCAN shall be to strengthen the growth and vitality of the state’s technology industry and the many technology dependent business sectors by implementing a broad-based education and workforce strategy to increase the number of Massachusetts students prepared to pursue computing technology careers. In furtherance of this goal, MassCAN shall promote an environment where all kindergarten through grade 12  students have access to computer science courses that will prepare and inspire them to effectively participate and innovate in a computing intensive world; provided, that MassCAN’s actions may include, but not be limited to, promoting the development and implementation of educational programs, courses and modules for kindergarten through grade 12  students and teachers; collaborating with the Massachusetts department of elementary and secondary education in developing new voluntary kindergarten through grade 12  computer science standards; collaborating with the Massachusetts department of higher education to create computer science professional development hubs at universities in each of 8 STEM regional networks; developing a school district-based program to assist teachers and administrators with the implementation of new computer science courses; developing and maintaining a website to share computer science resources and broadly communicate best practices and successes; connecting computer science students with industry professionals to enhance students’ understanding of the relevance of their educational experience to the workplace and STEM career opportunities; identifying the particular needs of school districts with disproportionately high numbers of underrepresented minorities; and leveraging non-state sources of funding; and provided further, said activities shall be guided by the MassCAN Advisory Board which shall be comprised of representatives of the higher education, kindergarten through grade 12 education, business and non-profit communities.

              SECTION 57. Notwithstanding any general or special law to the contrary, the Massachusetts development finance agency established in chapter 23G shall conduct an investigation and study of the viability, fiscal impact, potential benefits, statutory and regulatory barriers and anticipated results of establishing a Massachusetts designated port area fund in order to make loans for the design, construction, repair, renovation, rehabilitation or other capital improvement of existing commercial and marine industrial infrastructure in designated port areas, as defined by 301 CMR 25.02. The Massachusetts development finance agency shall expend the funds necessary to conduct this investigation and study. The purpose of the fund is to promote and facilitate commercial and marine industrial development in the commonwealth.

              The study shall include, but not be limited to: (1) the feasibility of establishing a Massachusetts designated port area fund to aid and finance public and privately held commercial and marine industrial properties located in designated port areas; (2) an assessment of existing designated port area infrastructure; (3) an evaluation of the barriers to growth and development in designated port areas; (4) the impact of designated port areas on the commercial fishing industry; (5) the formation of a strategic plan to encourage and facilitate future commercial and industrial development in designated port areas; (6) the formation of a strategic plan to address the issue of wastewater in designated port areas; (7) an examination of the current permissible land uses within a designated port area, and whether those uses should be expanded to include mixed use commercial maritime activity; (8) an evaluation of potential future benefits to the commonwealth and to property owners as a result of additional growth and development in designated port areas; and (9) a determination of the amount of funds necessary to adequately support the purpose of a Massachusetts designated port area fund.

              The Massachusetts development finance agency shall submit its report and recommendations, together with drafts of legislation necessary to carry such recommendations into effect, to the clerks of the house and senate who shall forward the report to the house and senate committees on ways and means and the joint committee on economic development and emerging technologies not later than December 31, 2014.

              SECTION 58. Notwithstanding and general or special law to the contrary, the executive office of housing and economic development shall make an investigation and study into policies and procedures needed to further a cohesive economic development strategy in regions surrounding gateway municipalities, as defined in section 3A of chapter 23A of the general laws; provided that particular attention shall be paid to municipalities that abut such gateway municipalities.

              The investigation and study shall include, but not be limited to: (1) commonalities that exist between the economic development needs of gateway municipalities and those of their surrounding communities; (2) whether policies currently available within gateway municipalities would effectively address identified economic development needs in their surrounding communities; (3) whether such surrounding communities possess economic development needs distinct from those of proximate gateway municipalities; (4) policies and procedures to address the identified economic development needs of surrounding communities; and (5) policies and procedures needed to integrate the economic development needs of gateway municipalities with those of their surrounding communities into a single, cohesive strategy for regional economic development.

              The executive office shall report to the house and senate committees on ways and means and the joint committee on economic development and emerging technologies on the results of its study, together with drafts of legislation necessary to carry any recommendations into effect, by filing the report with the clerks of the senate and house of representatives not later than December 31, 2014.

              SECTION 59.  The executive office of housing and economic development and the office of the commonwealth performance, accountability and transparency shall review the Massachusetts live theater tax credits established by subsection (t) of section 6 of chapter 62 and section 38HH of chapter 63 of the General Laws and report on whether: (i) these tax credits achieved the desired outcome and stated public policy purposes; (ii) the tax credits are the most cost effective means of achieving the stated public policy purposes; and (iii) the goals of the credit can be better fiscally served through other means. The executive office of housing and economic development and the office of commonwealth performance, accountability and transparency shall file its report, together with any recommendations regarding legislative changes to the Massachusetts live theater tax credit tax credits, with the governor, the clerks of the house of representatives and senate, the joint committee on revenue, the joint committee on economic development and emerging technologies and the house and senate committees on ways and means no later than 3 years after the effective date of sections 42 and 50.

              SECTION 60. Not later than June 30, 2014, the comptroller shall transfer $5,000,000 from the General Fund to the Housing Preservation and Stabilization Trust, established by section 60 of chapter 121B of the General Laws.

              SECTION 61.  Sections 39, 40, 43, and 44 of this act shall be effective for the tax year beginning on or after January 1, 2015.

              SECTION 62.  As of January 1, 2019, Sections 39, 40, 43 and 44 of this act are amended by striking out the number “10,000,000” and inserting in its place the number “5,000,000”.

              SECTION 63 Sections 41 and 49 of this act shall be effective for the tax year beginning on or after January 1, 2015.

              SECTION 64. As of January 1, 2019, Sections 41 and 49 of this act is repealed.

              SECTION 65. Sections 42 and 50 of this act shall shall be effective for the tax year beginning on or after January 1, 2015.

              SECTION 66.  As of January 1, 2021, Sections 42 and 50 of this act is repealed. No credits shall be issued on or after January 1, 2021 unless the production has received initial certification under either section 42 or 50 prior to January 1, 2021.

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