The proposed bill establishes the Commercial Fisheries Offshore Wind Mitigation Fund within Chapter 10 of the General Laws of Massachusetts. This fund aims to support the seafood industry by enhancing resilience and expanding opportunities through the development of new fisheries, modernization of infrastructure, and the introduction of efficient technologies. The fund will be financed through various sources, including appropriations, bond revenues, investment income, and contributions from public and private entities. The Executive Office of Energy and Environmental Affairs is tasked with maximizing fund revenues, while the fund will be administered by the Commissioner of Fish and Game in consultation with the Commercial Fisheries Commission.

Additionally, the bill mandates that the Commissioner of Fish and Game provide an annual report by December 1 to the clerks of the House and Senate, as well as the House and Senate Committees on Ways and Means. This report will detail the fund's expenditures, the purposes of those expenditures, the amounts credited to the fund, and any unexpended balances. Notably, any unspent funds at the end of the fiscal year will not revert to the General Fund but will remain available for future expenditures.