Section 7. There shall be a limit on the estimated amount of grants approved by the authority during a fiscal year. For fiscal year 2020, the limit shall be $800,000,000. For each fiscal year thereafter, the limit shall be the limit for the previous fiscal year plus the lower of: (i) the rate of growth in the dedicated sales tax revenue amount as defined in subsection (a) of section 35BB of chapter 10; or (ii) 4.5 per cent.

Terms Used In Massachusetts General Laws ch. 70B sec. 7

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
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