An Act relative to business relocation after receiving state grant funding
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill addresses the circumstances surrounding businesses that relocate within Massachusetts after receiving state grant funding for economic development. It aims to establish guidelines and requirements for businesses receiving such grants to ensure they remain in the state for a specified period and to potentially recover a portion of the grant if they relocate prematurely. The bill seeks to clarify the obligations of businesses receiving these incentives and provide a framework for accountability.
Key provisions
- Establishes requirements for businesses receiving state grant funding for relocation.
- Specifies a minimum period businesses must remain in Massachusetts after receiving a grant.
- Potentially allows for the recovery of grant funds if a business relocates before the specified period.
- Requires businesses to report relocation plans to the state.
- Defines ‘relocation’ for the purposes of the bill.
- Addresses potential penalties for non-compliance.
Who is affected
- Businesses receiving state grant funding for economic development
- Economic Development Agencies
- Massachusetts residents and businesses
- State government
Notable changes
- Introduces a framework for accountability for businesses receiving state economic development grants.
- May create a process for recovering grant funds if a business moves out of state prematurely.
Bill text
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Sponsors
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2 on record
Primary sponsor
Cosponsor
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