Establishes a framework for municipalities to finance transportation projects through tax increment financing.

The bill creates a new chapter in the Massachusetts General Laws, establishing a process for municipalities to finance transportation projects using tax increment financing (TIF). A municipality can enter into a SIFT agreement with the Massachusetts Department of Transportation to finance a transportation project. The agreement must include details such as the project description, financial plan, SIFT district boundaries, and the method for calculating the tax increment. The municipality must hold a public hearing and obtain approval from the town or city council.

Establishes a framework for municipalities to finance transportation projects through tax increment financing.

The bill creates a new chapter in the Massachusetts General Laws, establishing a process for municipalities to finance transportation projects using tax increment financing (TIF). A municipality can enter into a SIFT agreement with the Massachusetts Department of Transportation to finance a transportation project. The agreement must include details such as the project description, financial plan, SIFT district boundaries, and the method for calculating the tax increment. The municipality must hold a public hearing and obtain approval from the town or city council.