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