The bill introduces a 0.25% gross receipts tax on business entities with an exemption for the first $50 million in gross receipts. The revenue generated from this tax will be channeled exclusively into the Housing First and Housing for All Fund, which aims to facilitate a variety of housing assistance programs. These programs will include supporting unhoused individuals, providing rental subsidies, and funding housing construction and rehabilitation projects. An annual reporting mechanism will ensure transparency and accountability in how funds are utilized, potentially improving public trust in the process.
Summary
House Bill 3060, titled 'An Act facilitating housing for all', is proposed legislation aimed at addressing homelessness in the Commonwealth of Massachusetts through the establishment of a dedicated fund, the Housing First and Housing for All Fund. This fund will be financed by a new gross receipts tax levied on business entities operating in the state. The initiative seeks to generate sustainable revenue to support a range of homelessness prevention and reduction programs, ensuring resources are allocated effectively to assist those in need.
Contention
While the bill has gained support for its goal of tackling homelessness, there are concerns regarding the tax burden placed on businesses, particularly small enterprises. Critics argue that the new tax could hinder business growth and deter incoming investments, potentially negating the benefits aimed at improving housing accessibility. Proponents of the bill, however, contend that the long-term benefits of reducing homelessness and supporting vulnerable populations will outweigh the short-term burdens placed on businesses, emphasizing the social responsibilities that accompany economic activities.
Making appropriations for the fiscal year 2025 for the maintenance of the departments, boards, commissions, institutions, and certain activities of the Commonwealth, for interest, sinking fund, and serial bond requirements, and for certain permanent improvements
To provide appropriations from the General Fund for the expenses of the Executive, Legislative and Judicial Departments of the Commonwealth, the public debt and the public schools for the fiscal year July 1, 2023, to June 30, 2024, and for the payment of bills incurred and remaining unpaid at the close of the fiscal year ending June 30, 2023; to provide appropriations from special funds and accounts to the Executive and Judicial Departments for the fiscal year July 1, 2023, to June 30, 2024, and for the payment of bills remaining unpaid at the close of the fiscal year ending June 30, 2023; to provide for the appropriation of Federal funds to the Executive and Judicial Departments for the fiscal year July 1, 2023, to June 30, 2024, and for the payment of bills remaining unpaid at the close of the fiscal year ending June 30, 2023; and to provide for the additional appropriation of Federal and State funds to the Executive and Legislative Departments for the fiscal year July 1, 2022, to June 30, 2023, and for the payment of bills incurred and remaining unpaid at the close of the fiscal year ending June 30, 2022.