Massachusetts 2025-2026 Regular Session

Massachusetts House Bill H3111 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	1 of 1
2	2	HOUSE DOCKET, NO. 3786 FILED ON: 1/17/2025
3	3	HOUSE . . . . . . . . . . . . . . . No. 3111
4	4	The Commonwealth of Massachusetts
5	5	_________________
6	6	PRESENTED BY:
7	7	Carlos González
8	8	_________________
9	9	To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
10	10	Court assembled:
11	11	The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:
12	12	An Act establishing the micro business fund.
13	13	_______________
14	14	PETITION OF:
15	15	NAME:DISTRICT/ADDRESS :DATE ADDED:Carlos González10th Hampden1/17/2025 1 of 2
16	16	HOUSE DOCKET, NO. 3786 FILED ON: 1/17/2025
17	17	HOUSE . . . . . . . . . . . . . . . No. 3111
18	18	By Representative González of Springfield, a petition (accompanied by bill, House, No. 3111) of
19	19	Carlos González relative to establishing the micro business fund. Revenue.
20	20	The Commonwealth of Massachusetts
21	21	_______________
22	22	In the One Hundred and Ninety-Fourth General Court
23	23	(2025-2026)
24	24	_______________
25	25	An Act establishing the micro business fund.
26	26	Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority
27	27	of the same, as follows:
28	28	1 Chapter 23A of the General Laws, as appearing in the 2022 Official Edition, is hereby
29	29	2amended by inserting after section 69 the following section:-
30	30	3 Section 70. (a) There shall be established and set upon the books of the commonwealth a
31	31	4separate fund to be known as the Micro Business Fund, hereinafter in this section referred to as
32	32	5the fund, which shall be administered and expended by the micro business development center
33	33	6under the Massachusetts office of business development. There shall be credited to the fund: (i)
34	34	7revenue from appropriations and other money authorized by the general court and specifically
35	35	8designated to be credited to the fund; (ii) funds from public and private sources such as gifts,
36	36	9grants and donations to further assist in the development of micro-business throughout the
37	37	10Commonwealth; (iii) interest earned on money in the fund; (iv) 0.5 per cent of taxes collected
38	38	11under section 39 of chapter 63; (v) 1 per cent of funds spent by each financial institution in the
39	39	12commonwealth pursuant to the federal Community Reinvestment Act; and (vi) 5 per cent of fees
40	40	13collected by the state secretary on initial and annual filing fees of limited liability companies. 2 of 2
41	41	14Amounts credited to the fund shall not be subject to further appropriation and any money
42	42	15remaining in the fund at the end of a fiscal year shall not revert to the General Fund.
43	43	16 (b) The center shall expend monies from the fund established in subsection (a) of this
44	44	17section to provide financial support for the growth of micro businesses which shall include, but
45	45	18not be limited to, (i) professional development; (ii) technology development; (iii) workforce
46	46	19development; (iv) business plan development; (v) procurement and contracting aid; and (vi)
47	47	20market research.
48	48	21 (c) The center shall report annually, not later than December 31st, to the office of
49	49	22economic development, the senate and house committees on ways and means and the clerks of
50	50	23the senate and the house of representatives. The report shall include the annual amount credited
51	51	24to the fund, the number of micro businesses receiving funding and the amounts granted and the
52	52	25selection process of micro businesses who received funding.