SECTION 1. Notwithstanding any general or special law to the contrary, the general court shall impose and levy a tax on income in the manner hereinafter provided. In accordance with the requirements of Article XLVIII of the Amendments to the Constitution, if the Initiative Petition for an Amendment to Article XLIV of the Massachusetts Constitution to Provide Resources for Education and Transportation through an additional tax on incomes in excess of One Million Dollars, as approved by the 189th General Court, is again approved by the 190th General Court and approved by the people at the next biennial state election in November of 2018, then the following shall be implemented on the day that such amendment takes effect:
Part B taxable income, as defined by section 4 of chapter 62 of the General Laws, as appearing in the 2014 Official Edition, shall be taxed at the rate of 5 percent.
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