An Act updating interest rates for property tax abatements

HD 990 updates Massachusetts property tax abatement programs by replacing a fixed 8% interest rate with a variable rate tied to the Federal Reserve's published federal funds rate as of July 1 each year. This change directly affects property owners who receive tax abatements, altering the interest charged on deferred property taxes under these programs. The bill amends two sections of Chapter 59 (Sections 64 and 69) to implement this rate adjustment mechanism. The new rate will fluctuate annually based on the Federal Reserve's July 1 publication, rather than remaining fixed at 8%. This is a concrete policy change to the calculation method for abatement interest rates.