SECTION 1. Chapter 10 of the General Laws as appearing in the 2020 official edition is hereby amended by inserting after section 78 the following section:-

Section 79. (a) There shall be a Fair Share Trust Fund for the purpose of ensuring that the funds are spent for quality public education and affordable public colleges and universities, and for the repair and maintenance of roads, bridges and public transportation pursuant to the second paragraph of Article XLIV of the Constitution of the commonwealth.

(b) The Fair Share Trust Fund shall be credited with monies received by the commonwealth pursuant to the second paragraph of Article XLIV of the Constitution of the commonwealth. The treasurer and receiver general shall hold in the name of the commonwealth any monies received relative to income surcharge under the second paragraph of Article XLIV of the Constitution of the commonwealth. Funds in the Fair Share Trust Fund shall be disbursed through the annual general appropriations act.

SECTION 2. The General Law are hereby amended by inserting after chapter 62F the following chapter:-

Chapter 62G.

Section 1. (a) All moneies received by the commonwealth pursuant to the second paragraph of Article XLIV of the Constitution of the commonwealth related to the 4 per cent surcharge on that portion of annual taxable income in excess of $1,000,000 reported on any return related to those taxes shall be deposited into the Fair Share Trust Fund established in section 79 of chapter 10 for this purpose.

(b) Tax on income pursuant to the first paragraph Article XLIV of the Constitution of the commonwealth shall not be deposited into the Fair Share Trust Fund established in section 79 of chapter 10 for this purpose.

Section 2. The department of revenue shall submit a report detailing the monies received pursuant to the second paragraph of Article XLIV of the Constitution of the commonwealth quarterly to the comptroller, the executive office of administration and finance, the clerks of the senate and house of representatives, and the chairs of senate and house committees on ways and means.