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. Notwithstanding section 5B of chapter 40 of the General Laws and sections 53 and 53E½ of chapter 44 of the General Laws or any other general or special law to the contrary, development parcel tax revenues including, but not limited to, property, personal and excise taxes received in connection with parcels 14-2-24, 14-2-24B, 19-1-3A, 19-1-3D, 19-1-3F, 19-1-12A, 19-1-5 and 19-1-14 as shown on the assessor’s maps shall be allocated as set forth in this act.
SECTION 2. Not later than March 15 in any year, the board of assessors shall estimate annual development parcel tax revenues to be collected in the upcoming fiscal year and determine whether collection of such revenues will amount to $1,000,000 or more. If the amount is $1,000,000 or more, then sections 3 to 6, inclusive, of this act shall apply for the upcoming fiscal year and the town treasurer shall take the action provided for in said sections 3 to 6, inclusive. If the amount is less than $1,000,000 then all estimated development parcel tax revenues shall be credited to the town treasury for the upcoming fiscal year.
SECTION 3. As of the date of the annual town meeting in any year, the town treasurer shall allocate to the general stabilization fund, without further appropriation, estimated development parcel tax revenue as required to bring the town’s general stabilization fund to an amount equal to 10 per cent of the amount raised by taxation by the town in the most recent fiscal year for which a tax rate has been certified under section 23 of chapter 59 of the General Laws; provided, however, that the maximum amount to be contributed in any year to the general stabilization fund under this section shall be equal to not more than 2 per cent of the amount raised by taxation by the town in the most recent fiscal year.
SECTION 4. To the extent additional estimated development parcel tax revenue exists after the allocation provided for under section 3, the town treasurer shall, as of the date of the annual town meeting in any year, allocate to a Capital Purpose Fund, without further appropriation, 35 per cent of the remaining estimated development parcel tax revenue; provided, however, that in any year, the annual town meeting may, by majority vote, allocate additional estimated development parcel tax revenues to the fund.
SECTION 5. The Capital Purpose Fund shall be expended only for capital projects for the purposes of this act, “capital project” shall mean the acquisition of interests in land, acquisition of tangible assets or the undertaking of capital projects, which assets or projects shall have a useful life of 5 years or more and a cost of $10,000 or more and which are not properly categorized as annual operating expenses and shall include the payment of debt service on capital projects, whether such projects were approved prior to or after the effective date of this act. Capital projects shall also include major departmental capital equipment, even if acquired on an annual basis, meeting the useful life and cost requirements of this section. Appropriations from the fund of $25,000 or more shall be authorized by a two-thirds vote of an annual town meeting only upon recommendation from each of the board of selectmen, the finance committee and the capital improvement planning committee. Appropriations from the fund of less than $25,000 may be authorized by the affirmative vote of the board of selectmen, the finance committee and the capital improvement planning committee for capital projects costing less than $25,000 in total.
SECTION 6. Any estimated development parcel tax revenue remaining after the allocations provided for in sections 3 and 4 shall be credited to the town treasury, subject to appropriation by vote of town meeting for any lawful purpose under the same conditions and subject to the same restrictions as any other tax revenue.
SECTION 7. This act shall apply to estimated development parcel tax revenues to be collected in fiscal year 2014 and thereafter.
SECTION 8. This act shall take effect upon its passage.
Approved, November 9, 2012.