Amendment #1 to H4947

Floor Amendment

Mr. Walsh of Peabody moves to amend the bill by inserting after section 36 the following section:-

SECTION 36A. (a) For the purposes of this section, the term “small business” shall mean a business with its principal place of business located in the city of Boston, with fewer than 50 employees or $5,000,000 or less in annual revenue.

(b) Notwithstanding chapter 30B of the General Laws, or any other general or special law to the contrary, the city of Boston, in each fiscal year in which the total tax levy imposed on the class of commercial property exceeds 175 per cent of the full and fair cash valuation of that class divided by the full and fair cash valuation of all the taxable real and personal property in the city of Boston, shall be authorized to expend not more than $15,000,000 to make grants and provide programs for the purpose of supporting small businesses impacted by the shift of the tax levy beyond the 175 per cent.

And moves to further amend the bill by inserting after section 39 the following section:-

SECTION 39A. Section 36A shall take effect immediately after being signed by the governor.