Amendment #10 to H4049

Massachusetts Growth Capital Corporation Study

Representatives Garlick of Needham, Holmes of Boston, Toomey of Cambridge and Decker of Cambridge move to amend the bill in Section 3 by adding the following subsection:

(e) The growth capital corporation shall investigate the establishment of a taxi medallion mitigation fund which may be supported by a per ride fee on rides-for-hire in the commonwealth. GCC’s investigation shall be conducted in consultation with the division of banks and the department of public utilities and shall focus on the development and deployment of financial products that mitigate the reduced value of taxi medallions in the city of Boston, city of Cambridge, and city of Somerville. Said financial products shall be available to owners of taxi medallions issued and granted for use by the city of Boston, city of Cambridge, and city of Somerville. The GCC shall conclude its study no later than May 15, 2016.