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| 2 | 2 | | HOUSE DOCKET, NO. 1887 FILED ON: 1/15/2025 |
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| 3 | 3 | | HOUSE . . . . . . . . . . . . . . . No. 3206 |
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| 4 | 4 | | The Commonwealth of Massachusetts |
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| 5 | 5 | | _________________ |
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| 6 | 6 | | PRESENTED BY: |
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| 7 | 7 | | Steven Owens |
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| 8 | 8 | | _________________ |
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| 9 | 9 | | To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General |
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| 10 | 10 | | Court assembled: |
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| 11 | 11 | | The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill: |
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| 12 | 12 | | An Act relative to fossil fuel free 529s. |
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| 13 | 13 | | _______________ |
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| 14 | 14 | | PETITION OF: |
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| 15 | 15 | | NAME:DISTRICT/ADDRESS :DATE ADDED:Steven Owens29th Middlesex1/15/2025Patricia A. Duffy5th Hampden1/23/2025Danillo A. Sena37th Middlesex1/27/2025Joanne M. ComerfordHampshire, Franklin and Worcester1/29/2025Mindy Domb3rd Hampshire2/11/2025 1 of 2 |
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| 16 | 16 | | HOUSE DOCKET, NO. 1887 FILED ON: 1/15/2025 |
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| 17 | 17 | | HOUSE . . . . . . . . . . . . . . . No. 3206 |
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| 18 | 18 | | By Representative Owens of Watertown, a petition (accompanied by bill, House, No. 3206) of |
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| 19 | 19 | | Steven Owens and others relative to fossil fuel free investment options within prepaid tuition |
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| 20 | 20 | | programs or college savings programs. Revenue. |
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| 21 | 21 | | The Commonwealth of Massachusetts |
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| 22 | 22 | | _______________ |
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| 23 | 23 | | In the One Hundred and Ninety-Fourth General Court |
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| 24 | 24 | | (2025-2026) |
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| 25 | 25 | | _______________ |
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| 26 | 26 | | An Act relative to fossil fuel free 529s. |
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| 27 | 27 | | Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority |
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| 28 | 28 | | of the same, as follows: |
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| 29 | 29 | | 1 Section 1. Section 3 of Chapter 62 of the General Laws as appearing in the 2022 official |
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| 30 | 30 | | 2edition, is hereby amended by inserting the following 2 definitions:- |
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| 31 | 31 | | 3 “Fossil fuel free portfolio", a portfolio that restricts fossil fuel investments to less than |
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| 32 | 32 | | 40.25% of its portfolio and has an expense ratio no higher than 1.5 times the median expense ratio |
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| 33 | 33 | | 5of all portfolios offered by MEFA. In addition, the fund must clearly state that fossil fuel |
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| 34 | 34 | | 6companies are excluded from the fund’s prospectus. |
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| 35 | 35 | | 7 “Fossil fuel investments”, companies that own proved or probable carbon reserves or |
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| 36 | 36 | | 8engage in or derive revenue from one or more of the following: 1) exploration for coal, oil, or |
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| 37 | 37 | | 9gas, 2) extraction of coal, oil, or gas 3) processing of coal, oil, or gas, 4) refining coal, oil, or gas, |
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| 38 | 38 | | 105) transmission of coal, oil, or gas, or 6) supplying equipment or services to oil fields or offshore |
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| 39 | 39 | | 11drilling platforms. |
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| 40 | 40 | | 12 2 of 2 |
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| 41 | 41 | | 13 Section 2. Section 3 of Chapter 62 of the General Laws as appearing in the 2022 official |
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| 42 | 42 | | 14edition is hereby amended by striking out, in lines 152 through 154 the words “a prepaid tuition |
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| 43 | 43 | | 15program or college savings program established by the commonwealth or an instrumentality or |
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| 44 | 44 | | 16authority of the commonwealth” and inserting in place thereof, the following:- |
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| 45 | 45 | | 17 “a prepaid tuition program or college savings program established by the commonwealth |
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| 46 | 46 | | 18or an instrumentality or authority of the commonwealth, or any “fossil fuel free” investment |
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| 47 | 47 | | 19option within a prepaid tuition program or college savings program that is not otherwise |
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| 48 | 48 | | 20available under a program established by the commonwealth”. |
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