Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. Chapter 10 of the General Laws is hereby amended by inserting after section 35N the following section:-
Section 35 O. There shall be established and set up on the books of the commonwealth a separate fund, to be known as the Massachusetts United States Olympic Fund to assist residents of the commonwealth in paying all or part of any costs associated with the development, maintenance, and operation of the United States olympic team participating in the olympics.
Said fund shall consist of all revenues received by the commonwealth: (1) under the provisions of law authorizing the purchase of distinctive motor vehicle registration plates for the Massachusetts United States olympic committee, pursuant to section two of chapter ninety; (2) the provisions of law authorizing the voluntary check-off donation indicated on the department of revenue's annual individual income tax return, pursuant to section six H of chapter sixty-two, and (3) from public and private sources as gifts, grants, and donations to further the development, maintenance, and operation of the United States olympic team.
The state treasurer shall deposit monies in said fund in accordance with the provisions of sections thirty-four and thirty-four A of chapter twenty-nine in such manner as will secure the highest interest rate available consistent with safety of the fund and with the requirement that all amounts on deposit be available for immediate withdrawal at any time by the authorized representative of the United States olympic committee.
Section 2. Chapter 62 of the General Laws is hereby amended by inserting after section 6G the following section:-
Section 6H. Every individual who files a separate return and every husband and wife filing a return jointly may voluntarily contribute all or part of any refund to which they are entitled, or may voluntarily add an amount onto any amount due, to be credited to the Massachusetts United States Olympic Fund established pursuant to section thirty-five O of chapter ten.
A contribution made under this section may be with respect to any taxable year at the time of filing a return of the tax established by this chapter for such taxable year; provided, however, that the commissioner shall prescribe the manner in which such contribution shall be made on the face of the return required by section five of chapter sixty-two C; provided, further, that the commissioner shall assure that taxpayers filing any such forms are made clearly aware of their ability to make the contributions provided for by this section.
The commissioner shall annually report the total amount designated under this section to the state treasurer, who shall credit such amount to said Massachusetts United States Olympic Fund.
SECTION 3. Section 2 of chapter 90 of the General Laws is hereby amended by adding the following paragraph:-
The registrar shall furnish upon application to owners of private passenger vehicles distinctive registration plates which shall display on the face of said plate a design representing the official symbol of the United States olympic committee. There shall be a twenty-five dollar fee for said plate in addition to the established registration fee for passenger motor vehicles. The portion of said fee remaining after the deduction of cost directly attributable to issuing said plate shall be transferred to the Massachusetts United States Olympic Fund established pursuant to section thirty-five O of chapter ten.
SECTION 4. Section six H of chapter sixty-two of the General Laws, inserted by section two of this act, shall apply to taxable years beginning on or after January first, nineteen hundred and ninety-six.