Bill
H 3368
Massachusetts H.3368 would create a 13-member commission to study and draft plans for a Municipal Building Finance Authority to fund municipal building projects.
Note on source material
- The materials provided appear to combine two distinct pieces of legislation from different jurisdictions: (A) a Massachusetts House bill filed as H.3368 (sponsored by Rep. Patrick J. Kearney) to create a special commission to study a municipal building finance authority; and (B) a South Carolina draft statute that would exclude overtime pay and the first $2,500 of bonus pay from South Carolina gross income. The bill number, sponsor, committee referrals and some actions align with the Massachusetts item, while the title you supplied ("Income tax on overtime pay") and two identical South Carolina bill texts describe the tax exclusion. Below are concise, separate summaries and a note on procedural/timing inconsistencies in the source.
Purpose and intent
- Establish a special commission to investigate and study the feasibility of creating a Municipal Building Finance Authority (MBFA) to assist cities and towns with financing, planning, design and construction of municipal buildings.
Key provisions
- Create a 13‑member commission composed of legislative appointees (4 from each chamber majority/minority leadership), specified state officials (or designees) — Treasurer; Secretaries of Administration & Finance, Public Safety & Security, Elder Affairs, Housing & Economic Development; Executive Director of the School Building Authority — and a Massachusetts Municipal Association representative.
- Commission duties include: reviewing federal/state reports about such an authority; identifying state and private funding sources for grants/loans for municipal building projects; assessing innovative financing approaches for municipal facilities (e.g., councils-on-aging, public safety facilities, town halls); defining potential powers of an MBFA (grant programs, technical/architectural assistance, conducting a needs survey of municipal capital needs); and drafting legislative recommendations to establish the authority.
- Appointment deadline: members to be appointed no later than 90 days after the act’s effective date and serve until the report is complete.
- Reporting: the commission must file a report with recommendations and draft legislation to the legislature by a date listed in the text: December 31, 2023 (see procedural notes below).
Who would be affected
- Municipal governments (cities and towns) seeking capital funding or technical assistance for municipal facilities.
- State agencies interacting with municipal capital programs and potential future MBFA operations.
- Contractors, designers, and municipal project stakeholders who could receive technical assistance or participate in projects financed through an MBFA.
Potential impact
- If enacted and later implemented, an MBFA could expand financing/granting options for municipal capital projects, centralize technical support, and influence municipal capital planning and construction activity. Fiscal impacts would depend on final authority powers, capitalization sources, and grant/loan volumes.
Purpose and intent
- Amend S.C. Code §12‑6‑1120 to exclude overtime pay (as defined under the Fair Labor Standards Act) and the first $2,500 of bonus pay received in a tax year from South Carolina gross income for individual income tax purposes.
Key provisions
- New exemption: (1) exclude all overtime pay received under FLSA requirements; (2) exclude the first $2,500 of bonus pay per individual per tax year.
- Effective date: upon gubernatorial approval, applying to tax years beginning after 2024.
Who would be affected
- South Carolina wage earners who receive overtime and/or bonuses — they would pay no state income tax on overtime and on the first $2,500 of bonus income.
- State revenue: a likely reduction in individual income tax receipts; exact fiscal impact would depend on overtime/bonus distributions across taxpayers and would require a revenue estimate.
Potential impact
- Increases after-tax income for affected workers, with a potentially disproportionate benefit to hourly workers who earn significant overtime. State budget and revenue forecasts would need adjusting to reflect lost tax revenue.
Compiled from official sources — confirm details with the bill’s official record.
Sign in to ask a question.
