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.