Authority, Purpose, and Application

801 CMR 51.00 is promulgated, pursuant to St. 2006, c. 293, §§ 5 through 12, as amended by St. 2008, c. 129, §§ 2 through 17, and St. 2012, c. 238, §§ 60 through 63, for the purpose of setting the process and requirements for approval of an Economic Development Proposal, as described in St. 2006, c. 293, §§ 5 through 12, as amended by St. 2008, c. 129, §§ 2 through 17. The purpose of St. 2006, c. 293, §§ 5 through 12 , as amended by St. 2008, c. 129, §§ 2 through 17, is to stimulate sustainable, economic development through Public Infrastructure Improvements and to generate new state tax revenues and local tax revenues as a result. St. 2006, c. 293, §§ 5 through 12, as amended by St. 2008, c. 129, §§ 2 through 17 and St. 2012, c. 238, §§ 60 through 63, creates a program under which the Massachusetts Development Finance Agency may issue Bonds to finance Public Infrastructure Improvements associated with a certified Economic Development Project. A project must be approved by the Municipality in which it is to be located, by the Secretary of Administration and Finance and by the Massachusetts Development Finance Agency. The Commissioner of Revenue has also issued guidance under St. 2006, c. 293, §§ 5 through 12, as amended by St. 2008, c. 129, §§ 2 through 17, and St. 2012, c. 238, §§ 60 through 63, set forth in Technical Information Release 08-18, which revoked and replaced Technical Information Release 06-26. Further guidance will be issued to address subsequent changes in St. 2006, c. 293, §§ 5 through 12, as amended by St. 2008, c. 129, §§ 2 through 17 and St. 2012, c. 238, §§ 60 through 63. 801 CMR 51.00 applies to all Developers and Municipalities seeking approval of an Economic Development Proposal to be funded under St. 2006, c. 293, §§ 5 through 12, as amended by St. 2008, c. 129, §§ 2 through 17 and St. 2012, c. 238, §§ 60 through 63.