The proposed bill establishes a real estate transfer fee of up to 2% on property transfers within the town of Amherst, Massachusetts. This fee applies to both the transfer of real property interests and controlling interests in entities that hold residential real property in the town. The bill outlines specific exemptions from the fee, including transfers to government entities, affordable housing properties, and transfers between family members, among others. It also stipulates that the burden of proof for claiming an exemption lies with the purchaser, and any transfer made primarily to evade the fee will not be exempt.

The collected fees will be managed by the town treasurer/collector, with the first $250,000 allocated to the Amherst Municipal Affordable Housing Trust Fund, while the remaining funds will be distributed to the town's capital stabilization fund, general fund, or the trust fund as determined by bylaw. The bill includes provisions for the town to adopt additional regulations and requirements for the implementation and enforcement of the fee. It mandates that a copy of the deed or transfer instrument, along with an affidavit regarding the purchase price and any claimed exemptions, be submitted to the town for processing. The act will take effect upon its passage.