Gov. Charlie Baker signed July 31st a fiscal 2020 state budget bill which included a significant increase to the CPA Trust Fund. What does this mean?
This legislation will increase the recording fees at the Registries of Deeds which provide revenue to the statewide CPA Trust Fund. “This increase is expected to raise an estimated $36 million in additional revenue for CPA communities each year.”
There are currently 175 CPA communities in Massachusetts including all of our island towns which benefit greatly of said fund.
What was included in the FY20 Budget for CPA?
“SECTION 29. Section 8 of chapter 44B of the General Laws, as so appearing, is hereby amended by striking out, in lines 3, 8 and 23, the figure “$20” and inserting in place thereof, in each instance, the following figure:- $50.”
“SECTION 30. Said section 8 of said chapter 44B, as so appearing, is hereby further amended by striking out, in lines 10, 14 and 24, the figure “$10” and inserting in place thereof, in each instance, the following figure:- $25.”
“SECTION 81. Notwithstanding any general or special law to the contrary, prior to transferring the consolidated net surplus in the budgetary funds to the Commonwealth Stabilization Fund pursuant to section 5C of chapter 29 of the General Laws, the comptroller shall dispose of the consolidated net surplus in the budgetary funds for fiscal year 2019 in the following order of precedence: (i) an amount not more than $10,000,000, to the Massachusetts Life Sciences Investment Fund established in section 6 of chapter 23I of the General Laws; and (ii) an amount not more than $20,000,000, to the Massachusetts Community Preservation Trust Fund established in section 9 of chapter 44B of the General Laws.”
“SECTION 105. The commissioner of revenue shall notify the registers of deeds, the assistant recorders and the joint committee on revenue of the new surcharge amounts established in sections 29 and 30. All documents or instruments received by the registers of deeds and assistant recorders that are postmarked prior to the effective date of said sections 29 and 30 shall be subject to the fee surcharge applicable under section 8 of chapter 44B of the General Laws that was in effect before that date.”
“SECTION 107. Sections 29 and 30 shall take effect on December 31, 2019.”
You can read more about at:
https://www.mma.org/governor-signs-43-3b-state-budget-for-fiscal-2020/