Amendment ID: S2655-89

Amendment 89

Excess Capital Gains Distribution

Mr. Tarr moves that the proposed new text be amended by striking section 94 in its entirety and inserting in place thereof the following:-

"SECTION 94. Notwithstanding any general or special law to the contrary, at the direction of the secretary of administration and finance, the comptroller shall make tax revenue collected from capital gains income above the threshold established in section 5G of chapter 29 of the General Laws in fiscal year 2025 available to the General Fund in the amount necessary to eliminate any deficits in the budgetary funds pursuant to section 5C of said chapter 29. After satisfying the previous provision, the comptroller shall transfer any remaining excess capital gains income as follows: (i) 15 per cent to the Deficiency Reserve Fund established in section 2MMMMMM of chapter 29 of the General Laws; (ii) 5 per cent to the Commonwealth’s Pension Liability Fund established in paragraph (e) of subdivision (8) of section 22 of chapter 32 of the General Laws; (iii) 5 per cent to the State Retiree Benefits Trust Fund established in section 24 of chapter 32A of the General Laws; and (iv) 75 per cent to the Commonwealth Stabilization Fund established in section 2H of chapter 29 of the General Laws."