| 1 | 1 | | 1 of 1 |
|---|
| 2 | 2 | | SENATE DOCKET, NO. 726 FILED ON: 1/18/2023 |
|---|
| 3 | 3 | | SENATE . . . . . . . . . . . . . . No. 1849 |
|---|
| 4 | 4 | | The Commonwealth of Massachusetts |
|---|
| 5 | 5 | | _________________ |
|---|
| 6 | 6 | | PRESENTED BY: |
|---|
| 7 | 7 | | John F. Keenan |
|---|
| 8 | 8 | | _________________ |
|---|
| 9 | 9 | | To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General |
|---|
| 10 | 10 | | Court assembled: |
|---|
| 11 | 11 | | The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill: |
|---|
| 12 | 12 | | An Act establishing a millionaire’s tax trust fund. |
|---|
| 13 | 13 | | _______________ |
|---|
| 14 | 14 | | PETITION OF: |
|---|
| 15 | 15 | | NAME:DISTRICT/ADDRESS :John F. KeenanNorfolk and PlymouthSusannah M. Whipps2nd Franklin1/27/2023 1 of 2 |
|---|
| 16 | 16 | | SENATE DOCKET, NO. 726 FILED ON: 1/18/2023 |
|---|
| 17 | 17 | | SENATE . . . . . . . . . . . . . . No. 1849 |
|---|
| 18 | 18 | | By Mr. Keenan, a petition (accompanied by bill, Senate, No. 1849) of John F. Keenan and |
|---|
| 19 | 19 | | Susannah M. Whipps for legislation to establish a millionaire’s tax trust fund. Revenue. |
|---|
| 20 | 20 | | The Commonwealth of Massachusetts |
|---|
| 21 | 21 | | _______________ |
|---|
| 22 | 22 | | In the One Hundred and Ninety-Third General Court |
|---|
| 23 | 23 | | (2023-2024) |
|---|
| 24 | 24 | | _______________ |
|---|
| 25 | 25 | | An Act establishing a millionaire’s tax trust fund. |
|---|
| 26 | 26 | | Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority |
|---|
| 27 | 27 | | of the same, as follows: |
|---|
| 28 | 28 | | 1 SECTION 1. Chapter 29 of the General Laws is hereby amended by inserting after |
|---|
| 29 | 29 | | 2section 2OOOOO the following section:- |
|---|
| 30 | 30 | | 3 Section 2PPPPP. (a) There shall be a millionaire’s tax trust fund to retain funds received |
|---|
| 31 | 31 | | 4by the commonwealth under Article CXXI of the amendments to the constitution of the |
|---|
| 32 | 32 | | 5commonwealth. |
|---|
| 33 | 33 | | 6 (b) All amounts credited to the fund shall be expended, subject to appropriation, for |
|---|
| 34 | 34 | | 7purposes that assist the commonwealth in ensuring quality public education and affordable |
|---|
| 35 | 35 | | 8public colleges and universities, and for the repair and maintenance of roads, bridges and public |
|---|
| 36 | 36 | | 9transportation. Money remaining in the fund at the end of the fiscal year shall not revert to the |
|---|
| 37 | 37 | | 10General Fund and shall be available for expenditure in subsequent fiscal years. |
|---|
| 38 | 38 | | 11 (c) Annually, not later than November 1, the commissioner of revenue shall issue a report |
|---|
| 39 | 39 | | 12to the clerks of the senate and house of representatives, the joint committee on education, the 2 of 2 |
|---|
| 40 | 40 | | 13joint committee on higher education, the joint committee on transportation and the senate and |
|---|
| 41 | 41 | | 14house committees on ways and means on the fund activities including, but not limited to, |
|---|
| 42 | 42 | | 15amounts credited to the fund, amounts expended from the fund and any unexpended balance. |
|---|