SENATE DOCKET, NO. 726        FILED ON: 1/18/2023

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1849

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

John F. Keenan

_________________

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 establishing a millionaire’s tax trust fund.

_______________

PETITION OF:

 

Name:

District/Address:

 

John F. Keenan

Norfolk and Plymouth

 

Susannah M. Whipps

2nd Franklin

1/27/2023


SENATE DOCKET, NO. 726        FILED ON: 1/18/2023

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1849

By Mr. Keenan, a petition (accompanied by bill, Senate, No. 1849) of John F. Keenan and Susannah M. Whipps for legislation to establish a millionaire’s tax trust fund.  Revenue.

 

The Commonwealth of Massachusetts

 

_______________

In the One Hundred and Ninety-Third General Court
(2023-2024)

_______________

 

An Act establishing a millionaire’s tax trust fund.

 

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 is hereby amended by inserting after section 2OOOOO the following section:- 

Section 2PPPPP. (a) There shall be a millionaire’s tax trust fund to retain funds received by the commonwealth under Article CXXI of the amendments to the constitution of the commonwealth. 

(b) All amounts credited to the fund shall be expended, subject to appropriation, for purposes that assist the commonwealth in ensuring quality public education and affordable public colleges and universities, and for the repair and maintenance of roads, bridges and public transportation. Money remaining in the fund at the end of the fiscal year shall not revert to the General Fund and shall be available for expenditure in subsequent fiscal years.

(c) Annually, not later than November 1, the commissioner of revenue shall issue a report to the clerks of the senate and house of representatives, the joint committee on education, the joint committee on higher education, the joint committee on transportation and the senate and house committees on ways and means on the fund activities including, but not limited to, amounts credited to the fund, amounts expended from the fund and any unexpended balance.