Senate poised to advance Healey plan to tap into rainy day fund
Photo | Courtesy of Commonwealth of Massachusetts
Massachusetts State House
Heeding Gov. Maura Healey's calls for the Bay State to better compete for federal dollars, legislators are moving ahead with one of the governor's plans to attract more funds from the feds into the state.
In October, Healey proposed using the state's rainy day fund interest as matching funds for federal grants. The policy proposal was aimed at better helping Massachusetts vie for billions of federal dollars up for grabs in a competition among states.
The Senate Ways and Means Committee on Monday advanced their own version of Healey's bill, and the Senate placed it on their agenda for action at a formal session scheduled for Thursday.
Officials estimate that Massachusetts could secure more than $17 billion in aid through the federal Infrastructure Investment and Jobs Act, the Inflation Reduction Act, and the CHIPS and Science Act, and the Healey proposal would augment $2 billion in matching funds already identified with a new pool of revenue designed to leverage more federal aid.
"We have to be aggressive -- we know other states are, as well," Administration and Finance Secretary Matt Gorzkowicz said at a press conference about the proposal in October. "This legislation will help separate Massachusetts from the rest of the nation by putting substantial dedicated resources on the table. It will also send a clear message to Washington that we are serious and ready to move on these projects."
The legislation would establish a new Commonwealth Federal Matching and Debt Reduction Fund that could make $750 million in state funding available over the next three years, as well as $50 million in matching funds for local and regional government-led projects seeking federal funding.
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