HOUSE DOCKET, NO. 422 FILED ON: 1/12/2017
HOUSE . . . . . . . . . . . . . . . No. 1620
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The Commonwealth of Massachusetts
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PRESENTED BY:
John H. Rogers
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To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:
The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:
An Act relative to using capital gain income for one-time capital expenditures.
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PETITION OF:
Name: | District/Address: | Date Added: |
John H. Rogers | 12th Norfolk | 1/12/2017 |
HOUSE DOCKET, NO. 422 FILED ON: 1/12/2017
HOUSE . . . . . . . . . . . . . . . No. 1620
By Mr. Rogers of Norwood, a petition (accompanied by bill, House, No. 1620) of John H. Rogers relative to establishing a one-time capital expenditure fund with capital gains revenue. Revenue. |
[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE HOUSE, NO. 2671 OF 2015-2016.]
The Commonwealth of Massachusetts
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In the One Hundred and Ninetieth General Court
(2017-2018)
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An Act relative to using capital gain income for one-time capital expenditures.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
SECTION 1.Chapter 29 of the General Laws, as appearing in the 2008 Official Edition, is hereby amended by inserting the following new paragraph:-
2YYY.One-Time Capital Expenditures
There shall be established and set upon the books of the commonwealth a separate fund to be known as the One-Time Capital Expenditure Fund to which shall be credited: (a) any funds that shall be appropriated or transferred for deposit into the trust fund; and (b) any income derived from investment of amounts credited to the trust fund (c) all Part C taxable income collected on an annual basis by the Commissioner of Revenue pursuant to Section 2 (h) of Chapter 62, after accounting for refunds, abatements or other adjustments. This money shall be expended for one-time capital needs of the commonwealth as determined by the legislature and not for annual operating expenses.