Massachusetts 2025-2026 Regular Session

Massachusetts Senate Bill S85 Compare Versions

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

Old	New	Differences
1	1	1 of 1
2	2	SENATE DOCKET, NO. 2160 FILED ON: 1/17/2025
3	3	SENATE . . . . . . . . . . . . . . No. 85
4	4	The Commonwealth of Massachusetts
5	5	_________________
6	6	PRESENTED BY:
7	7	Edward J. Kennedy, (BY REQUEST)
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 enabling private donations to the cannabis social equity trust fund.
13	13	_______________
14	14	PETITION OF:
15	15	NAME:DISTRICT/ADDRESS :Kevin GilnackBruce E. TarrFirst Essex and Middlesex3/10/2025Manny Cruz7th Essex3/10/2025 1 of 4
16	16	SENATE DOCKET, NO. 2160 FILED ON: 1/17/2025
17	17	SENATE . . . . . . . . . . . . . . No. 85
18	18	By Mr. Kennedy (by request), a petition (accompanied by bill, Senate, No. 85) of Kevin Gilnack,
19	19	, Bruce E. Tarr and Manny Cruz for legislation to enable private donations to the cannabis social
20	20	equity trust fund. Cannabis Policy.
21	21	The Commonwealth of Massachusetts
22	22	_______________
23	23	In the One Hundred and Ninety-Fourth General Court
24	24	(2025-2026)
25	25	_______________
26	26	An Act enabling private donations to the cannabis social equity trust fund.
27	27	Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority
28	28	of the same, as follows:
29	29	1 SECTION 1. Section 14A of Chapter 94G of the General Laws is amended by inserting,
30	30	2at the end of the section, the following subsection:
31	31	3 (f) The executive office of economic development, in consultation with the advisory
32	32	4board, shall establish all necessary policies and procedures to enable the fund to solicit and
33	33	5accept donations from private individuals and entities including but not limited to licensed
34	34	6marijuana establishments or medical marijuana treatment centers seeking to satisfy their positive
35	35	7impact plan pursuant to Mass. Gen. Laws ch. 94G, § 4(a1/2)(xxxv), and other businesses,
36	36	8nonprofit organizations, and individuals.
37	37	9 (i) The executive office of economic development and the cannabis control commission
38	38	10shall publicize opportunities to donate to the cannabis social equity trust fund on their website
39	39	11and other relevant materials provided to marijuana establishments, medical marijuana treatment
40	40	12centers, municipalities, the media, other stakeholders, and the public. 2 of 4
41	41	13 (ii) No later than 90 days after the end of the fiscal year, the executive office of economic
42	42	14development shall submit a report to the chairs of the joint committee on ways and means and
43	43	15the joint committee on cannabis policy on private donations to the fund, including but not limited
44	44	16to efforts to advertise and solicit private donations, amounts raised, summary of amounts raised
45	45	17by source type, amount spent to administer the solicitation and collection of private donations.
46	46	18 SECTION 2. Chapter 62 of the General Laws is amended by inserting, after Section 6N,
47	47	19the following section:
48	48	20 Section 6O: Cannabis Social Equity Trust Fund; voluntary contributions
49	49	21 Section 6O. Every individual who files a separate return may voluntarily contribute one
50	50	22dollar to be paid over to the Cannabis Social Equity Trust Fund, established by section 14A of
51	51	23chapter 94G. In the case of a joint return of husband and wife, each spouse may voluntarily
52	52	24contribute five thousand dollars to said fund. A credit in the full amount of any contribution
53	53	25under this section shall be allowed against the tax imposed by this chapter; provided, that for any
54	54	26such return no such credit shall exceed the income tax liability for any taxable year.
55	55	27 A contribution made under this section may be made with respect to any taxable year at
56	56	28the time of filing the return of the tax imposed by this chapter for such taxable year; provided,
57	57	29however, that the commissioner shall prescribe the manner in which such contribution shall be
58	58	30made on the face of the return required by section five of chapter sixty-two C.
59	59	31 The provisions of this section shall apply only to residents required to file a return under
60	60	32this chapter. 3 of 4
61	61	33 For purposes of this section the words ''income tax liability for any taxable year'' shall
62	62	34mean the amount of tax imposed by this chapter reduced by sum of the credits allowed by clause
63	63	35(a) of section six.
64	64	36 SECTION 3. Section 14A of Chapter 94G of the General Laws is amended by inserting,
65	65	37at the end of the section, the following subsection:
66	66	38 (g) The executive office of economic development, in consultation with the advisory
67	67	39board, shall establish a program to guarantee loans through Community Development Financial
68	68	40Institutions, non-traditional nonprofit lenders, credit unions, and banks using a portion of the
69	69	41fund.
70	70	42 (i) The executive office of economic development, in consultation with the advisory
71	71	43board, shall convene at least one public listening session for stakeholders to provide feedback
72	72	44regarding the amount or percent of available funds that should be used for this program and other
73	73	45program details.
74	74	46 (ii) The executive office of economic development, in consultation with the advisory
75	75	47board, shall a stakeholders working group to provide feedback and guidance in the development
76	76	48of this program. The working group shall include the fund manager, secretary of the executive
77	77	49office of economic development of their designee, commissioner of banks of their designee,
78	78	50director of the growth capital division of the Massachusetts development finance agency or their
79	79	51designee, the chairs of the joint committee on cannabis policy committee or their designees, the
80	80	52chairs of the joint committee on ways and means or their designee, the chairs of the joint
81	81	53committee on financial services or their designee, the chairs of the joint committee on
82	82	54community development and small business or their designee, the chair of the Massachusetts 4 of 4
83	83	55cannabis advisory board or their designee, the chair of the cannabis control commission or their
84	84	56designee, three social equity businesses owners appointed by the governor, three social equity
85	85	57business owners appointed by the treasurer and receiver general, three social equity business
86	86	58owners appointed by the attorney general, one community development financial institution
87	87	59leader appointed by the governor, one bank leader appointed by the governor, one credit union
88	88	60leader appointed by the governor, and the eon foundation.
89	89	61 (iii) The advisory board, in consultation with the working group, shall approve the
90	90	62percent or amount of available funds to be used for this program.
91	91	63 The advisory board, in consultation with the executive office of economic development
92	92	64and the working group shall promulgate regulations governing the structure and administration
93	93	65of the program.