The bill aims to address the significant capital challenges facing Massachusetts' public higher education system by leveraging Fair Share revenue, which is derived from a surtax on high-income earners. It proposes a new capital bonding program that could unlock between $2 to $3.5 billion in funding over the next decade, with an annual pledge of $100 to $150 million in Fair Share revenues for debt service related to a Higher Education Special Obligation Credit. The legislation emphasizes the need for predictability, transparency, and alignment with state priorities, such as decarbonization and workforce development, while also addressing the pressing capital needs identified by the Working Group, including deferred maintenance and programmatic modernization.

Additionally, the bill establishes a comprehensive framework for the application, approval, design, and delivery of capital projects within the public higher education system. It highlights the necessity of a permanent financing structure utilizing income surtax revenues and proposes the creation of a working group to study and report on various aspects of public higher education capital needs. This group will evaluate potential federal funding sources, develop a prioritization process for capital needs, and recommend funding amounts for projects, particularly in areas like decarbonization and deferred maintenance. The bill also introduces new data sources and metrics for evaluating infrastructure needs, ensuring that the state can effectively modernize its campuses and support the long-term success of its higher education institutions.