SECTION 1. Section 1 of chapter 62F, as appearing in the 2020 Official Edition, is hereby amended by adding the following 2 paragraphs:-

In response to ongoing conditions of economic hardship and economic crisis in the commonwealth, including but not limited to rising and exorbitant housing costs, childcare costs, health care costs, energy, fuel, and heating costs, food costs, inflation and economic uncertainty, the operation of this chapter is hereby amended to legally authorize advance tax refund checks and a $6,500 cap on the return of funds to the commonwealth’s top income earners. On an equal basis, the excess of this $6,500 cap shall be redistributed to all eligible taxpayers in order to provide more economic relief to more residents of the commonwealth. 

Under the provisions of the state constitution (Article 48, The Initiative, II, § 2) which exclude from the initiative process a measure that makes a specific appropriation of money from the treasury of the commonwealth, and notwithstanding the existing provisions of this chapter, which only allow for a tax credit to be applied to current personal income tax liability, the commissioner is hereby and explicitly authorized by the General Court to deliver forthwith all tax credits in accordance with this chapter in the form of advance refund checks to be distributed to all eligible taxpayers on or after the 2021 tax return filing extension deadline of October 17, 2022.

SECTION 2. Section 6 of said chapter 62F is hereby amended by adding the following paragraph:-

The total credit allowed under this section shall not exceed $6,500 for any taxpayer. For each taxpayer whose income equals or exceeds $1,000,000.00 or who might otherwise be due a credit in excess of $6,500, the commissioner shall calculate the difference between the maximum $6,500 credit, if any, and such taxpayer’s proportionate share of the calculated credit under the first paragraph. The total amount of such difference shall be then applied on an equal basis as a credit paid forthwith by the commissioner to each eligible taxpayer whose income is less than $1,000,000.00 in addition to the credit under the first paragraph. 

SECTION 3. The department of revenue shall promulgate emergency regulations to implement the provisions of this act.