Amendment ID: S2397-65

Amendment 65

Preservation of Voter-Approved 62F

Messrs. Fattman, O'Connor and Tarr move that the proposed new text be amended by inserting after section 41 the following section:-

"SECTION 42. Notwithstanding any general or special law to the contrary, income surtax revenue from the additional 4 per cent income tax levied on annual taxable income in excess of $1,000,000, as adjusted, pursuant to Article XLIV of the Amendments to the Constitution of the Commonwealth, shall be subject to the allowable state tax revenue limitations established by chapter 62F of the General Laws. Annually, not later than September 1, the commissioner of revenue shall estimate, for the preceding fiscal year, the amount of revenue to include from the chapter 62F calculation and shall include such estimate in the report submitted to the state auditor pursuant to subsection (a) of section 5 of chapter 62F of the General Laws.”