The bill aims to address the significant capital challenges facing Massachusetts' public higher education system, particularly in light of aging infrastructure and the increasing enrollment of nontraditional students. It proposes leveraging Fair Share revenue, derived from a surtax on high-income earners, to create a new capital bonding program that could generate between $2 to $3.5 billion over the next decade. This funding will be allocated for critical repairs, modernization, and decarbonization efforts, with a focus on ensuring transparency and alignment with state priorities. The bill also emphasizes the need for a legal framework to pledge Fair Share revenues for debt service related to a Higher Education Special Obligation Credit.

Additionally, the bill establishes a working group tasked with evaluating public higher education capital needs and exploring potential funding mechanisms, including federal opportunities. The group will assess the feasibility of a permanent financing structure utilizing income surtax revenues and recommend funding amounts for various capital projects. The bill also introduces new data sources and metrics for evaluating infrastructure needs, highlighting the importance of addressing the aging facilities and modernization requirements of public higher education institutions in Massachusetts. Overall, the legislation seeks to create a sustainable funding model that supports the long-term goals of the state's higher education system.