Legislature authorizes spending on economic development in Massachusetts
(BOSTON) – Representative Joan Meschino (D-Hull) joined her colleagues in the House of Representatives this session to pass an economic development “bond bill.” The legislation, An Act relative to economic development in the commonwealth, authorizes more than $1 billion in spending to spur economic growth and expand economic opportunity in the Commonwealth.
“Ensuring access to economic success for all is critical to the sustainability of the Commonwealth,” said Representative Meschino. “This legislation makes important investments in infrastructure, industry, and coastal communities, and aims to make the economy work better for everyone.”
The legislation seeks to spur economic development through a wide array of programs including public infrastructure projects like street and sewer improvements, multi-family housing and mixed-use development, and transportation. In addition, the legislation invests in manufacturing innovation, technology development, and career technical training programs. The legislation also establishes and apprenticeship tax credit for employers, and limits enforcement and sets standards for non-compete agreements in Massachusetts. The legislation funds initiatives that help small businesses grow, and establishes tax credits for businesses that occupy vacant storefronts in downtown areas.
For coastal communities, the legislation includes investments in the maritime economy and dredging projects. The legislation includes $50 million for a grant program to fund community planning and investment activities that stimulate economic development and create jobs in the maritime economy sector. Also authorized is $2 million annually to support Fishing Partnership Health Plan Corporation, which assists fishermen and fishing families in obtaining health insurance coverage. Finally, it authorizes $50 million for grants to coastal communities to assist with saltwater dredging projects.