Economic Development
194th General Court (2025-2026)
An Act Relative to Non-Commonwealth Entities
Streamlines and standardizes contributions from non-state entities to the retirement system. Proposes a mechanism to replace the current billing structure for more than fifty non-state, local entities that participate in the Massachusetts State Employees Retirement System. The legislation proposes using a mechanism currently in place for the educational collaboratives which would assess a cost as determined by the State Actuary to the entities as a percentage of the active payroll. This would eliminate any need for retro-active billing post retirement and would represent something closer to an actual employer normal cost for these entities.
An Act Relative to Affordable Housing and Environmental Adaptation Dollars (AHEAD Act)
This bill secures new revenue for investment in climate and housing by doubling the current Deeds Excise Fee that is collected when real estate is sold. It would also offer offsetting tax credits for low-income sellers and for those selling their homes to first-time homebuyers. The rate change would annually generate well over $300 million in new revenue annually, with the proceeds split evenly between state trust funds for affordable housing and for climate mitigation and adaptation. The current excise rate is among the lowest in the region, and it would continue to be so after this change.
An Act to Establish a Massachusetts Public Bank
Establishes a public bank to lend money for underserved communities, women and minority-owned businesses and farms, and housing and worker cooperatives.
An Act Relative to Economic Opportunities in the Cannabis Industry
Massachusetts cannabis companies currently do not have access to federal bankruptcy protections. Business owners and their families, friends, and communities are at risk of losing their life savings without the opportunity to sell or exit their business. This bill allows for a phased increase of the current ownership limits on licenses per marijuana establishment, which will lead to new investment and M&A opportunities for all cannabis businesses.