Title
G.L. c. 44, § 53 Clause 4: Inflation Reduction Act Monetized Credits for Local Governments for Certain Clean Energy Projects and Proceeds Received Pursuant to the Altria Settlement Regarding JUUL Products
Types
Recent Legislation, Accounting Procedure
Keywords
JUUL agreement receipts monies special revenue fund exception general fund revenue receive monetized credits under the federal Inflation Reduction Act (IRA)
Statutes
44:53
Cases
Summary
On December 4, 2023, Governor Healey signed Chapter 77 of the Acts of 2023, Section 9 of which provides, in part, for an exception to the general rule that all receipts are to be recorded as general fund revenue per G.L. c. 44, § 53. Pursuant to the new Clause 4 of G.L. c. 44, § 53, the Director of Accounts has determined that cities and towns that have received or will receive funds in Fiscal Year 2024, or thereafter, pursuant to Altria JUUL settlement agreements may place said funds into a special revenue fund. The proceeds can then be expended, without further appropriation. Further, the Director of Accounts has determined that cities and towns that receive monetized credits under the federal Inflation Reduction Act (IRA) for certain green energy projects may treat these receipts as described herein.
Status
In effect.