Amendment ID: S2123-3

Amendment 3

Living Wage Empowerment Fund

Mr. Tarr moves to amend the bill by inserting, after Section__, the following new Section:-

“SECTION__.  Chapter 29 of the General Laws, as appearing in the 2012 Official Edition, is hereby amended by adding the following section:-

‘Section 2JJJJ.  There is hereby established and set up on the books of the commonwealth a separate fund to be known as the Living Wage Empowerment Fund, hereinafter called the fund.  The fund shall be administered by the commissioner of revenue.  Amounts credited to the fund shall be expended, without further appropriation, to taxpayers who receive a tax credit under section 6(h) of chapter 62 and have 1 or more qualifying dependent children.

The commissioner shall provide taxpayers with 1 or more qualifying dependent children 20 per cent of the amount said person qualified for, claimed, and received under section 6(h) of chapter 62.

The department of revenue shall be the administrator of the fund and shall maintain the fund as a separate fund and shall cause it to be audited by an independent accountant on an annual basis in accordance with generally-accepted accounting principles.

There shall be credited to the fund any revenue from appropriations or other monies authorized by the general court and specifically designated to be credited to the fund, and any gifts, grants, private contributions, investment income earned on the fund's assets and all other sources, including federal funds for the temporary assistance to needy families program.  Money remaining in the fund at the end of a fiscal year shall not revert to the General Fund.

The fund shall supplement and not replace existing credits received under section 6(h) of chapter 62.’”