Section 1. Chapter 10 of the General Laws, as appearing in the 2020 Official Edition, is hereby amended by adding after Section 35SSS the following section:-

“Section 35TTT: Fair Share Fund

Section 35TTT. There shall be established and set up on the books of the commonwealth a separate fund to be known as the Fair Share Fund, to provide the resources for quality public education and affordable public colleges and universities, and for the repair and maintenance of roads, bridges and public transportation in the commonwealth in accordance with Article CXXI of the Constitution. Said fund shall consist of all revenues received by the commonwealth and credits: (1) under the provisions of section two of chapter sixty-two; or (2) from public and private sources as gifts, grants, and donations to further the goals enumerated in article CXXI of the Constitution.

All revenues credited under this section shall remain in said Fair Share Fund: to be expended, subject to appropriation by the legislature, for the purpose of advancing public education, improving the affordability of public colleges and universities, and for the repair and maintenance of roads, bridges, and public transportation. The state treasurer shall not deposit said revenues in or transfer said revenues to the General Fund or any other fund other than the Fair Share Fund

The state treasurer shall receive and deposit all revenues transmitted to him under the provisions of this section in such manner that will ensure the highest rate of interest available consistent with the safety of the fund, and in an account from which amounts may be withdrawn at any time without penalty for such withdrawal, all interest accrued shall be deposited into the fund.”

Section 2. Subsection (B) of subsection 3 of section 2 of Chapter 62 of the General Laws, as appearing in the 2020 Official Edition, is hereby amended by adding at the end thereof the following paragraph:

“Persons over the age of sixty-five years who sell a principal residence which they have continually owned for more than thirty years and who meet the income eligibility requirements for real estate tax abatements in their city or town shall be exempt from the application of the surtax authorized by Article XLIV of the Massachusetts Constitution as most recently amended (by Article CXXI of the Massachusetts Constitution) to an amount not to exceed $750,000.”