BOSTON — The Massachusetts Legislature passed a sweeping economic development bill on Thursday, authorizing a nearly $4 billion infusion into the state’s economy.
The bill, which features investments in climatetech and life sciences, a new soccer stadium in Everett, and ticket sales regulations, among other policies, was passed 39-1 in the Senate and promises to make the Bay State more economically competitive.
“The passage of today’s bill takes yet another bold step to invest in and shape our continued economic vitality here in Massachusetts,” said Senate President Karen E. Spilka.
The legislation includes a total of $3.96 billion in capital authorizations for life sciences and climatetech investments, including $400 million in capital resources to the MassCEC (Massachusetts Clean Energy Center) to utilize over the next ten years and $500 million over ten years for the Life Sciences Breakthrough Fund to reauthorize the Commonwealth’s life sciences initiative.
Similarly, it also establishes a new tax credit to invest in climatetech companies.
“Through billions of dollars in critical investments and tax credits, this economic development bill provides support for small businesses, and for larger companies at the forefront of innovation in the clean energy and the life sciences sectors,” said House Speaker Ronald J. Mariano.
Several policy changes would also be enacted, including support for small businesses, that authorizes a five-year pilot program for the Commonwealth to assist small businesses in acquiring surety bonds.
Other changes include ticketing transparency, which requires ticket sellers to clearly disclose the actual ticket price when listing tickets online and bans automated ticket purchasing software, otherwise known as bots. These bots drive up ticket prices in the secondary market by creating artificial scarcity
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The bill would allow for the construction of a professional soccer stadium and waterfront park in Everett.
The Kraft family, which owns the New England Revolution, had been seeking to build a new home for the team. The plot in Everett was classified as a designated port area, and the bill removed that designation as part of an effort to allow for the construction.
In a statement, a New England Revolution spokesperson said the following:
“We are grateful for Senate President Spilka’s leadership and for the cooperation and willingness of House leadership to advance this legislation. We appreciate the decision from the Legislature to clear a path forward for the possibility of future development and economic improvement opportunities in the city of Everett. For almost three decades, the Kraft Group has been interested in developing a soccer stadium for the New England Revolution and we are pleased that this legislation will allow work to start now to determine the financial feasibility and viability of this proposed site. We look forward to future discussions with stakeholders and officials at the local, state, and federal levels as the public process begins to evaluate this complicated site, which could be a driver for environmental rehabilitation and provide a park and new waterfront access to the area.”
Among other policy changes are a live theater tax credit, craft beer at farmer’s markets, a nurse licensure compact, and childcare as a campaign expense.
The bill has been passed by both the House and the Senate. It now goes to Governor Maura Healey’s desk for approval.
The full bill can be read here.
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