An Act to preserve and advance Massachusetts' competitiveness in discovery, research, and innovation for a vibrant economy
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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 aims to bolster Massachusetts’ ability to compete in areas like research, discovery, and innovation. It modifies the Commonwealth Federal Matching and Debt Reduction Fund to provide financial support for institutions of higher education and organizations impacted by federal funding reductions. Specifically, it creates a reserve fund to help these institutions adapt to potential federal funding uncertainties and supports job creation and economic development initiatives.
Key provisions
- Establishes a reserve fund within the Commonwealth Federal Matching and Debt Reduction Fund to support public institutions of higher education.
- Authorizes the use of funds to protect jobs and promote economic opportunities for organizations affected by federal funding reductions.
- Provides flexible funding for research activities at higher education institutions, including direct and indirect costs.
- Allows for the retention of research professionals, such as graduate students and post-doctoral researchers, who might otherwise lose funding.
- Supports research partnerships and joint ventures across various scientific and technological fields.
- Extends the timeframe for utilizing the fund from 2026 to 2029.
- Includes a funding cap of $200,000,000 for the reserve fund.
- Requires quarterly reporting on expenditures to the legislature.
Who is affected
Bill text
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Sponsors
Official sponsors from legislative records.
2 on record
Primary sponsor
Joint Committee on Economic Development and Emerging Technologies
Cosponsor
Maura T. Healey
Arguments
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