The proposed bill establishes a "Parking Cash-Out" program under a new Chapter 90K of the General Laws, which mandates that employers with 50 or more employees who offer parking benefits must provide employees with the option to receive cash or transit subsidies in lieu of parking. The bill defines key terms such as "daily parking cash-out," "monthly parking cash-out," and "parking subsidy," and outlines the requirements for employers to maintain evidence of market rate parking costs for at least four years. Employers are also required to inform employees of their rights regarding parking cash-out and to submit periodic reports to the Department of Transportation detailing the number of employees offered and accepting parking benefits and cash-out options.

Additionally, the bill includes provisions for municipalities to reduce parking requirements for employers who implement a cash-out program, and it establishes penalties for non-compliance. The Department of Transportation is tasked with promoting awareness of the program, while the Department of Revenue will oversee compliance and impose fines for violations. The bill aims to encourage alternative transportation methods and reduce reliance on single-occupancy vehicles by providing financial incentives for employees to forego parking.