Tax-exempt private colleges and schools would pay annual state fees

Tax-exempt private educational institutions would pay an annual contribution to the state. It would cover Massachusetts colleges, universities, and independent schools exempt from municipal property taxes. The Department of Revenue would set the amount using the value of tax-exempt property, enrollment, and research activity. The bill would take effect on July 1 following its passage; contributions would be annual.

The state would place collected contributions in a fund for research, innovation, and economic development. The fund would support research, innovation, and economic development at public and private colleges and universities in Massachusetts. Public colleges and universities would not have to pay contributions but could receive funding. The bill would take effect on July 1 following its passage.

Municipalities could accept local contributions for approved innovation incubators and would have to report how they use funds received. These provisions apply to municipalities accepting or receiving contributions under the bill. A municipality could accept a contribution in place of the local portion only if the institution chooses to fund an incubator the municipality approves. Municipalities receiving contributions would use them to offset the fiscal impact of tax-exempt property or support local incubators. The bill would take effect on July 1 following its passage; municipalities receiving contributions would report each year.