Raising Revenue
An Act providing for climate change adaptation infrastructure and affordable housing investments in the commonwealth (S.D.611)
(HERO Coalition Bill)
This bill provides $300 million in new revenue for environmental resiliency and affordable housing with half of the new revenue supporting climate resiliency and half supporting housing. Imposing an additional Deeds Excise Fee on home purchases is the right tool to generate revenue for both Climate response and Housing action. The Deeds Excise Fee has remained at the same level since 1989. This legislation is supported by the Housing and Environment Revenue Opportunities (HERO) Coalition.
An Act closing the single sales factor tax loophole (SD132)
This bill closes the single sales factor tax loophole for mutual fund corporations to raise an estimated $143 million in revenue annually. The single sales factor tax loophole is a special interest tax break, passed in 1996 for mutual fund corporations. At the time, it was sold as an economic development incentive that would protect existing jobs and stimulate the creation of new ones. Unfortunately for our economy and for Massachusetts workers, this corporate tax break does not require businesses to create a single new job or make even one dollar’s-worth of new investments in order to reap the benefits of the tax cut.