Transcript Highlights:

• Well, I mean, that's a nice question.
• Well, I would like to close.
• So very well played. Very well played. And so, a deeply respected constituent in my district.
• Well, I want to thank the author.
• Well, let me start by...

Summary: The committee first heard SB 872, which would direct $300 million annually for 20 years to repair subsidence damage in the State Water Project and to fund Delta levee repairs. The author and supporters said the bill is needed to protect water deliveries for 27 million Californians, prevent major infrastructure and flood risks, and address long-term threats to California’s water supply. Support came from a broad coalition of water agencies, local governments, environmental groups, and business interests; there was no opposition testimony. Members discussed the scale of the funding, the beneficiary-pays issue, and whether the bill should more clearly address risk and identify likely project areas. The committee adopted amendments, and SB 872 passed 5-0 to Appropriations and was placed on call. The committee then took up SB 1305, a study bill on the feasibility of reintroducing the California grizzly bear. The author, tribal sponsors, and conservation supporters framed the bill as a science-based roadmap that would examine habitat, impacts, and implementation, while recognizing the grizzly’s cultural significance to tribes and its ecological role. Opponents, including sheriffs, cattle groups, county representatives, and a former Fish and Wildlife law enforcement official, argued that California lacks the staffing, funding, and public-safety capacity to manage another apex predator and that the state is already struggling with wolves and mountain lions. Members raised questions about the scope of the feasibility study, local control, and whether the bill should address conflict risk earlier in the process. The author agreed to work on additional amendments, and the bill passed 4-1 to Appropriations and remained on call. SB 1079, creating a Cal Fire Fire Innovation Unit to speed the testing and deployment of wildfire technologies, was heard next. The author and supporters said California has strong wildfire innovation but lacks a formal pipeline to move promising tools from pilot projects into statewide use. Supporters included Megafire Action, Fireworks, the Orange County Fire Authority, and the California Association of Realtors, which sought amendments related to nonprofit administration of grants. There was no opposition testimony. The bill passed 5-0 to Emergency Management and was placed on call. The committee also heard SB 997, which would give the North Fork Kings Groundwater Sustainability Agency lien authority to collect fines and fees tied to its groundwater sustainability plan. Supporters said the change would allow more efficient enforcement and avoid lengthy civil litigation; no opposition appeared. Members asked whether the authority should be extended more broadly to other statutory GSAs, and the author said discussions were ongoing. SB 997 passed 2-0 to Judiciary and was placed on call. The committee later caught up on votes for the earlier bills and then moved to SB 894, a wildfire resilience loan program modeled on Go Green to help homeowners finance home-hardening measures; it passed 5-0 to Emergency Management and was placed on call. Finally, SB 1229 was introduced by Senator Allen to strengthen coastal protections for rebuilding after disasters, beginning with the Palisades fire context, but the transcript cuts off before that bill’s full hearing concluded.

Transcript Highlights:

• Well, thank you, Chair, and hello, everyone. Well, thank you, Chair. And hello, everyone.
• In some cases, also bonds and special funds as well.
• Well, thank you very much for that recitation.
• I also feel very... ...at the national level as well.
• Well, I appreciate you being here.

Transcript Highlights:

• Court precedent is in place as well on this question.
• Well, it's tough for reporters to deal with her as well, and she has faced very little in the way of
• Well, it's tough for reporters to deal with her as well, and she has faced very little in the way of
• Well, I think your testimony was very clear.
• Well, that's consistent with my point.

Bills: H5004

Committee: Joint Special Joint Committee on Initiative Petitions

Keywords: public records, public records law, transparency, open government, government accountability, legislature, general court, governor's office, executive records, legislative records, constituent communications, policy drafts, deliberative process, freedom of information, FOIA, records access, Massachusetts General Laws Chapter 66, Chapter 4, veterans services records, initiative petition

Transcript Highlights:

• We're pretty well on schedule again. Yay.
• I just have a question regarding that as well.
• It helps as well.
• Do you look at that as well, Madam Chair?
• Rural part of New Mexico as well. Well, your list on 17 and 18 is very impressive.

Committee: House Investments & Pensions Oversight Committee

Transcript Highlights:

• Well, thank you, Madam Chair, and thank you to the Senate Chair as well, and the members of the committee
• And we too, from a state government perspective, as the Minority Leader well knows as well, are facing
• It is very well-timed. I know very well from Rep.
• Well, we... Oh. I'll start. Yes. Well, we... I'll start, Alan, and then you can add on.
• Well, here I am.

Committee: Joint Joint Committee on Environment and Natural Resources

Summary: The committee hearing focused on a broad set of climate, energy, and environmental justice proposals. Early testimony strongly supported the Climate Change Superfund or “Polluter Pays” bill (H.1014/S.58), which would assess the largest fossil fuel emitters for a one-time fee based on historic emissions to fund climate adaptation. Sponsors argued the bill is modeled on Superfund cleanup principles, would target only the largest multinational polluters, would not be passed on to consumers, and would direct a significant share of funds to environmental justice communities. Committee members asked about the number of companies covered, consumer impacts, and whether the bill would address other forms of environmental destruction; sponsors said it was limited to major fossil fuel companies with a Massachusetts footprint and did not cover other pollution sources. The committee also heard testimony on a fusion energy compact proposal (S.673) that would direct the administration to develop a framework for a New England regional compact to accelerate fusion research, workforce development, and supply-chain growth. Supporters from MIT and the Association of Independent Colleges and Universities said fusion could become a major clean-energy and economic opportunity, but acknowledged the technology is not yet commercially viable and still has unresolved technical, cost, and waste-management questions. Members pressed on environmental impacts, siting, waste, costs, and whether the bill would create a compact or only a framework; sponsors said it would only create the framework and that the administration would need to negotiate with other states. Another major topic was a pilot program for nature-based climate solutions (H.971/S.??), backed by legislators, Boston Harbor Now, and UMass Boston’s Stone Living Lab. Witnesses said the bill would help speed permits for research and demonstration projects such as living shorelines, marsh restoration, and hybrid “green-to-gray” flood protections, while maintaining safeguards and protecting Indigenous and historic resources. Committee members asked how the proposal would interact with other permitting reforms and whether it could conflict with housing or wetland-related streamlining; supporters said it was complementary and aimed at making projects faster, more affordable, and more data-driven. The hearing also covered climate-safe buildings and climate adaptation funding bills. Supporters of H.1004/S.583 said current building codes do not adequately account for future flooding, heat, and wind, and the bill would add climate expertise to the building board, allow stretch resilience codes, expand floodplain standards, and create a retrofit program. Related testimony backed H.938/S.572, which would create a dedicated climate and community resilience fund financed by a small fee on property insurance premiums; advocates said it would provide stable long-term revenue for adaptation, especially in environmental justice communities, and help replace unreliable federal funding. One witness from CLF supported the climate-safe buildings and funding bills but opposed S.560/H.939 as too broad. The committee also heard testimony on airport air-quality legislation (H.997) calling for more monitoring and mitigation of ultra-fine particulate pollution around Logan Airport and Massport communities. No votes were taken during the hearing.

Transcript Highlights:

• What's working well?
• Well as improving community-based supports.
• We're on track with that as well.
• So I think we talk about that a lot as well.
• And so I want us to take another look at that as well.

Transcript Highlights:

• Okay, well I appreciate it.
• The wells are emptying.
• Well, thank you for that.
• A lot of those wells are the wells that are going to be dry first.
• Well, we need to protect the wells of the people.

Bills: HB1520 , HB1525 , HB1530 , HB1535 , HB2068 , HB2091 , HB2347 , HB2372 , HB2805 , HB2815 , HB2867 , HB3154 , HB3482 , HB3483 , HB3663 , HB3781 , HB3901 , HB3915 , HB4135 , HB4153 , HB4158 , HB4329 , HB4331

Committee: House Natural Resources

Keywords: Angelina and Neches River Authority, river authority, Sunset Advisory Commission, Texas Sunset Act, Special District Local Laws Code, local government, natural resources, board of directors, director training, board governance, public testimony, open meetings, public information, conflict of interest, ethics, complaint system, general manager, board president, staggered terms, removal of director

Transcript Highlights:

• Hendren mentioned that, as well as Director Trevenka.
• Hendren mentioned that as well as Director Trevanka.
• So we're talking about a major workforce investment as well.
• That's going to be a core function as well of the system.
• Very well done. Very well done. Very well done.

Summary: The Assembly Budget Subcommittee on Human Services held a hearing on developmental services, rehabilitation, and related supports, with no votes taken. The first major topic was the Master Plan for Developmental Services. Administration officials described a year-long, community-driven process that included a steering committee, work groups, and statewide engagement sessions, and said the final draft would be released that Friday with about 170 recommendations. The Department of Developmental Services said the plan would inform future work, but did not offer a detailed implementation roadmap. The LAO said the plan contains significant policy and budget implications, may require statutory changes, and needs further analysis to turn recommendations into actionable proposals. Advocates and regional center representatives urged the Legislature and administration to avoid letting the plan sit on a shelf, called for prioritization and ongoing stakeholder oversight, and emphasized the need to address equity, workforce, service coordination, and cross-system collaboration. The chair said he wanted to work with the LAO on trailer bill language and future reporting to create a clearer path forward. The second topic was the Office of Employment First and competitive integrated employment. Administration witnesses said California has ended subminimum wage under SB 639, but that moving people into competitive integrated employment remains a major priority. They described existing efforts such as DDS’s coordinated career pathways pilot, paid internships, job development services, benefits counseling, and DOR’s career counseling and referral services, along with pilot projects in San Diego and Orange County. The State Council on Developmental Disabilities and advocates argued that employment outcomes have remained stuck at roughly 15% and that a dedicated Employment First Office is needed to coordinate across agencies, align goals, and improve outcomes. The LAO recommended regular legislative oversight on people transitioning out of subminimum wage and asked for technical assistance on coordinated career pathways. The chair criticized the administration’s decision to effectively eliminate funding for the office, requested a detailed implementation timeline and quarterly transition reports, and said the committee would continue pressing for the office to be implemented. The final issue was respite services, utilization trends, and access. DDS reported that in-home respite use and spending have risen sharply over several years, with about 150,000 people using respite in 2023-24 and expenditures reaching about $1 billion. Officials said access depends on families knowing the service exists, service coordinators identifying need, and having enough providers, especially in rural and linguistically diverse communities. The San Diego Regional Center said utilization generally mirrors statewide trends, but access is stronger in some areas, such as Imperial County, where families often prefer family-directed or agency-supported models that allow them to hire trusted workers. Committee members emphasized the importance of respite for family health and caregiver well-being, asked whether service coordinators are asking practical questions about sleep and stress, and discussed the need for better identification of complex behavioral and medical needs. DDS said a standardized family support tool and updated IPP process are intended to improve consistency, transparency, and person-centered assessment for respite and related services.

Transcript Highlights:

• We're doing it well before and we're going to be doing it with the beta test as well. Two part.
• Well, then let's, okay.
• Well, then I'll.
• Well, the problem.
• Well, no, I'm sorry.

Committee: House Appropriations - S/C on Articles VI, VII, & VIII

Transcript Highlights:

• And this was verified as well by stakeholders that supported the bill last year, as well as a senator's
• And this was verified as well by, you know, stakeholders that supported the bill last year as well as
• Well, great. I want to be very clear about that as well. We're not reducing what is required.
• with YIMBY later this week as well to discuss their concerns as well.
• So just wanted to highlight that as well. Thank you. Well to discuss their concerns as well.

Committee: House Local Government

Transcript Highlights:

• Well, will you support them to allow them? Well, constitutionally, I ask you, should you?
• Yeah, well, let's talk offline because I think, well, I think we can answer that question pretty easy
• Well, I'd have to go back to the board and ask.
• And it was very well...
• Well, I appreciate that.

Committee: House Local Government, Elections and Pensions

Summary: The committee first met in executive session and unanimously voted Senate Substitute for Senate Bill 914 and House Committee Substitute for House Bill 3467 due pass. HB 3467 was amended before passage; the sponsor said the changes clarified that any tax authority would apply only if a tax change is actually approved, corrected county/city references, and fixed ballot-language issues involving sheltered workshops. Members generally praised the sponsor’s work, though one member noted concern about shifting more burden to sales taxes. The main public hearing was on H.J.R. 107, which would place before voters a constitutional question allowing Jackson County to consider separating Kansas City from the county or otherwise altering its charter government. Sponsor Rep. Steinmeyer argued the measure was about voter sovereignty and local control, citing prior Jackson County ballot measures and saying entrenched local power had blocked reform. Supporters echoed that Jackson County residents were frustrated with representation, taxes, and county governance. Opponents, including Kansas City and chamber representatives, argued the proposal was unnecessary, costly, procedurally unclear, and potentially destabilizing; several members also questioned the 10-year resubmission clause, the exclusion of local officials from the transition process, and the statewide fiscal impact. No action was taken on the resolution during the hearing. The committee then heard Senate Substitute for Senate Bill 975, dealing with ambulance district mergers and community paramedic/mobile integrated health services. Senator Black and supporters said the bill would help struggling rural ambulance districts merge without disrupting billing, contracts, or service, and would expand community paramedic care for low-acuity patients and hospital-at-home models. Several witnesses from ambulance and fire districts described successful programs and said the bill would improve patient care and help rural areas. Opponents, including ambulance and fire district representatives, supported the merger provisions but objected to Senate-added language they said would let districts provide community paramedic services across jurisdictional lines without memorandums of understanding, undermining local control and negotiating power. The hearing ended with testimony still ongoing after a recess for floor session; no vote on SB 975 was reported in the transcript.

Transcript Highlights:

• in the national assessments as well as in the state assessments.” “...well in the national assessments
• as well as in the state assessments.
• Well, I would add just a couple of things.
• It's hard to know each of them well.
• Well, definitely follow up with the folks on that side.

Summary: The committee heard presentations on the Governor’s education budget proposals for the Local Control Funding Formula (LCFF), Learning Recovery Block Grant, and Expanded Learning Opportunities Program (ELOP), followed by testimony from State Board of Education President Linda Darling-Hammond. On LCFF, Finance outlined the proposed 2.43% COLA, repayment of prior deferrals, and a trailer bill penalty for LEAs that fail to adopt Local Control Accountability Plans on time. The LAO said its COLA estimate was slightly lower and raised concerns that the Governor’s proposed TK staffing ratio increase may be more costly than estimated. Members also discussed whether the current COLA formula should better reflect California-specific or district staffing costs, and whether TK should be more clearly separated from the K-3 grade span adjustment to avoid larger K-3 class sizes. The chair asked staff to work with the LAO on both the TK/K-3 issue and alternative COLA calculations. For the Learning Recovery Block Grant, Finance proposed restoring the first of three delayed payments, $378.6 million one-time Proposition 98 General Fund, while the LAO recommended adopting the proposal but extending the expenditure deadline by at least a year. The LAO reported that districts had spent $1.6 billion of the $6.8 billion received through 2023-24 and said most districts were only now shifting from federal COVID relief to block grant spending. Members questioned whether the large state and federal investments were improving outcomes, citing declining reading and math trends, while Finance and the State Board president pointed to some signs of improvement, especially in math, attendance, and gains for some student groups. Darling-Hammond emphasized that student needs have grown, that recovery spending has gone to devices, ventilation, staffing, tutoring, summer school, and community schools, and that targeted interventions appear to be helping some districts recover faster than others. On ELOP, Finance proposed adding $435 million to expand universal access by lowering the Tier 1 threshold from 75% to 55% unduplicated pupils, bringing ongoing funding to $4.4 billion. The LAO said the estimate was reasonable but recommended delaying implementation for a year, aligning ELOP with ASES to reduce overlap, moving toward funding based on participation rather than enrollment, and considering a fixed Tier 2 rate. Members and witnesses discussed staffing challenges, the use of funds for students with disabilities, and uncertainty in Tier 2 funding caused by unspent dollars and opt-outs. Darling-Hammond supported ELOP as part of California’s broader after-school and summer learning strategy, said most districts are now offering full-day TK and expanded learning, and urged the state to reduce fragmentation across categorical programs and build more unified systems for funding, reporting, and support.

Transcript Highlights:

• Well played, well played. So, no, I'm excited to be here this morning to talk about it.
• and planned for well.
• and planned for well.
• Well, I don't know.
• I'm guilty as well.

Summary: The Student Academic Success Subcommittee met to review Florida’s cell phone and social media literacy law, with Representative Brad Yeager describing the 2023 policy as aimed at removing classroom distractions and teaching students how to use social media responsibly. He said the law was intended to keep phones out of classrooms unless used for instruction, require social media literacy education, and limit access to certain sites on school Wi-Fi and government devices. Yeager said feedback since passage has been mixed: many teachers support it and some have adopted inexpensive shoe-organizer or pouch systems, but implementation varies by school and administrator enforcement. He said he is not currently pursuing a broader statewide mandate. Superintendent Dr. Maria Vazquez and Timber Creek High School Principal Mr. Wasco described Orange County’s approach as bell-to-bell phone restrictions, while Pasco County’s Dr. Zetchy described a similar policy with some flexibility during lunch or passing periods at the high school level. Both districts said the policy was implemented with parent communication, town halls, surveys, and transition periods, and that concerns about emergencies were addressed by allowing phones to be returned at the end of the day and by establishing procedures for parent contact. They reported few theft problems and said discipline issues related to phones have generally been manageable, though some teachers still struggle with enforcement or with students trying to evade the rules. A major portion of the discussion focused on social media literacy instruction. Orange County said it uses counselor-led programs, Canvas courses, resiliency days, and curriculum materials to teach students about cyberbullying, human trafficking, privacy, and the permanence of online posts, with progress tracked through the learning platform. Pasco said it has some resiliency modules but lacks a fully built-out, pre-made social media curriculum and would welcome more guidance from DOE, especially for high school classrooms where instructional time is limited. Members also asked about student anxiety, 504/IEP accommodations, caregiver students, and parent education; the districts said exceptions are handled through school committees and that parent academies and district resources are being used to help families set boundaries and understand the risks and benefits of phones and social media. No votes were taken.

Transcript Highlights:

• I couldn't hear that well. I'm Julio Carmona.
• Certainly my colleagues at Yukon know that very well.
• I think that it is too well... ...information and share the dashboards.
• I think that it is a too well-kept secret for the data nerds around us.
• We just want to know if our complex care members are being served well.

Summary: The Complex Care Committee meeting focused first on a new Diabetes Caucus launched at the Capitol. Rep. Johnson described the caucus as a forum to educate people about type 1 and type 2 diabetes, genetic risk, early testing, pregnancy-related diabetes, and ways Medicaid policy might improve prevention and lower long-term costs. Members agreed the caucus could intersect with care management, and Carolyn Grandell of CHNCT offered to share information about current diabetes-related care management services at a future meeting. The committee then heard a detailed presentation from Alex Rigger of the Office of Health Strategy, who is moving to the Office of Policy and Management. He reviewed Connecticut health care benchmark data, including total health care expenditures, medical spending, and market-by-market trends. He said 2023 to 2024 per-capita spending grew more than 8.5% statewide and 14% in Medicaid, with long-term care accounting for about 46% of Medicaid spending and retail pharmacy also identified as a major cost driver. Members asked about enrollment changes, dual-eligible populations, Medicare Savings Program members, 340B drug pricing, and value-based payment models. Rigger explained that his office tracks alternate payment models and quality benchmarks, but does not separately capture 340B data. Discussion then shifted to Medicare Advantage, dual eligibles, and hospital discharge planning. Members said they want better data on how many Medicaid members are in Medicare Advantage plans and whether those plans shift costs back to Medicaid or affect access to care, especially for complex-care patients. Staff noted DSS does have some Medicare Advantage indicators and that CMS is developing encounter-data rules for states. Kathy Holt and others raised concerns about denials, nursing home stays, and the need to compare Medicaid spending for dual eligibles in Medicare Advantage versus traditional Medicare. The meeting ended with plans for follow-up data sharing, including Alex Rigger’s slides, the diabetes caucus materials, and a future discussion with DSS and other agencies; no formal votes were taken.

Transcript Highlights:

• I'm well aware of that. Well, they are hiring them. They're just not putting them in the system.
• Well, now my thing's not up.
• Well, Mr. Chairman, I appreciate that so much.
• Jason, thank you for your help as well.
• Freeman as well for getting everybody together.

Committee: House Retirement

Summary: The Retirement Committee heard several retirement-related bills and deferred two measures at the start: HB 26 and HB 993 were voluntarily deferred by the author. HB 31, by Rep. Eccles, would allow certain small municipalities to terminate participation in the municipal police employees’ retirement system and create a lower-cost “Plan C” option for small towns like Stirlington. After discussion about population and officer-count limits, the committee adopted amendments, heard concerns from the Municipal Police Employees’ Retirement System about remaining issues, and reported HB 31 as amended favorably. The committee also advanced HB 1134, which creates a backdrop-style retirement option for judges whose positions are abolished, and HB 24, which would allow retired teachers to return to work as one-year contract teachers without the current retirement contribution structure. TRSL testified that return-to-work policy is complex and that a broader Senate study-group proposal is also moving, but the committee reported HB 1134 and HB 24 favorably. HB 21, a technical correction to the Municipal Employees’ Retirement System law, was amended to remove a sunset problem that would be fixed in another bill and was reported favorably as amended. Later, the committee reported HB 1017 favorably, which limits former spouses’ claims to post-divorce earnable compensation in the Firefighters’ Retirement System, with testimony that the bill would reduce litigation over promotions and raises after divorce. HB 43, which would let certain LASERS members retire after 35 years of service at any age, drew testimony from LASERS about its cost and workforce effects but received no motion and was voluntarily deferred. HB 30 was also voluntarily deferred because its substance would be moved into another bill. The committee then took up two major municipal police bills. HB 45, after extensive negotiations among the author, the Louisiana Municipal Association, EMPERS, and the City of New Orleans, was substantially rewritten by amendment to address retention pay, out-of-state service credit purchases, survivor benefits for certain officers killed in the line of duty, COLA funding, and a reduction in the non-hazardous accrual rate. The committee adopted the amendments and reported HB 45 as amended favorably. HB 49, a related bill on municipal police and firefighter retirement issues, was also replaced by a substitute that changed opt-out procedures, revised partial dissolution rules, and preserved full dissolution liability; after testimony that the changes would save New Orleans and other cities significant money, the committee adopted the substitute and reported HB 49 as substituted favorably. The meeting ended with adjournment.

Transcript Highlights:

• You will be well served by getting to know her well and my chief of staff.
• Lauren Young is over here as well.
• that the teacher that's teaching them feels valued and is well-equipped and trained and, yes, well-compensated
• Well, uh...
• Well, that's another level.

Committee: House Judiciary & Civil Jurisprudence

Transcript Highlights:

• L A as well.
• The progress for our students are yellow students as well.
• Well, there's coaching.
• But these are technical skills that we have to teach them as well.
• And I know I'm sure my colleagues here it as well.

Transcript Highlights:

• Well, good afternoon to everyone.
• Well and timely administering payments, things like that.
• Well, thank you very much. You're very welcome.
• Well, I mean, there's so many percentages on there.
• And their response was, well, many of the minorities.

Transcript Highlights:

• as well, right?
• as well, right?
• There are charts as well?
• Well, good afternoon.
• Well, thank you. I go ahead.

Bills: H5006 , H5007

Committee: Joint Special Joint Committee on Initiative Petitions

Summary: The Special Joint Committee on Initiative Petitions held a public hearing on two proposed ballot initiatives: one to reduce the state personal income tax rate from 5% to 4% over three years, and another to revise the state tax collection cap law (62F) so the cap would be based on the prior year’s actual collections plus wage-and-salary growth and would include surtax revenue. Committee chairs outlined the hearing process and noted that the measures would need additional signatures to qualify for the 2026 ballot if not enacted by the legislature. The committee’s expert witness, Doug Howgate of the Massachusetts Taxpayer Foundation, said the income tax proposal would lower the base rate in stages beginning in 2027 and would ultimately reduce state income tax collections by about $5.4 billion annually when fully implemented. He estimated savings would vary by income level, from a few hundred dollars for lower- and middle-income households to about $10,700 for taxpayers at the surtax threshold. He argued the proposal would improve tax competitiveness but would also require major budget adjustments, likely including reserve use, spending cuts, and possibly new revenue measures; he cited prior downturns and said the state’s rainy day fund is stronger than in past recessions, though spending growth and health care costs remain concerns. On the 62F proposal, he said rebasing the cap to prior-year collections would make refunds more likely, with modeled refunds totaling about $7.9 billion without the surtax and $10.1 billion with it over the last decade, and warned it could reduce stabilization fund deposits and constrain recovery after recessions. Proponents of both petitions, including representatives from Taxpayers for an Affordable Massachusetts, NFIB, Pioneer Institute, and the Mass Opportunity Alliance, argued that Massachusetts faces an affordability and competitiveness crisis and that lower taxes would help families, small businesses, job creation, and outmigration. They said the income tax cut would put about $1,300 a year back into the hands of average families, help pass-through businesses reinvest, and improve the state’s ability to compete with lower-tax states such as North Carolina. Their economist, Rebecca Paxton, presented a model projecting average annual revenue losses of about $680 million during the phase-in and a total net income tax revenue impact of $2 billion to $2.2 billion, while saying long-term revenue growth would be stronger after implementation. The hearing ended with committee questions and a brief dispute over a planned voter testimonial video, which the chairs said was not appropriate for the hearing at that point.

Transcript Highlights:

• </c> something that was well received. something that was well received.
• . well. well.
• </c> a lot of great research here as well. a lot of great research here as well.
• </c> as well. as well.
• Well, yeah.

Summary: The meeting opened with roll call, confirmation of a quorum, and approval of the April 6 and May 4 minutes, with minor corrections noted to the May minutes. The main presentation came from JD of Link Network, introduced by Dan Cohen, who described Link’s work with crypto.com and other market participants on tokenized money market funds and real-time settlement for institutional clients. JD gave a detailed history of his earlier work developing the Arca U.S. Treasury Fund and ArCoin, emphasizing that the project was built within existing SEC and 1940 Act frameworks and was intended to use blockchain technology for a traditional asset rather than create a crypto product. He said the effort involved years of discussions with the SEC, multiple custodians, and partners such as U.S. Bank, T-Zero Securities, and Tassat, and that the model eventually led to Link’s settlement system. He highlighted concerns that shaped the design, including regulatory compliance, privacy for institutional users, and the need to bridge traditional banking hours with 24/7 digital asset markets. The presentation also described Link’s features, including segregated and bankruptcy-remote fund structures, tokenized deposit and treasury fund settlement, and “yield in transit,” which allows interest to accrue and be distributed daily down to a two-second block. JD said the platform is being expanded for use cases such as exchange liquidity, cross-border capital movement, off-exchange collateral, stablecoin bridging, treasury management, and peer-to-peer settlement. He closed by posing policy questions for the commission about the use cases for stablecoins versus tokenized money market funds in New Hampshire and whether the state could issue or administer a security-based program with appropriate compliance controls.