Bill > S1867

This bill aims to safeguard the revenue generated from the "Fair Share Amendment" (also known as the "millionaire's tax") in Massachusetts. The key provisions are: 1. It establishes the "Fair Share Trust Fund" to ensure the funds are spent on quality public education, affordable public colleges and universities, and the repair and maintenance of roads, bridges, and public transportation, as specified in the state's constitution. 2. It requires all monies received from the 4% surcharge on annual taxable income over $1 million to be deposited into the Fair Share Trust Fund. This surcharge was approved by Massachusetts voters as part of the Fair Share Amendment. 3. It specifies that the income tax revenue, not the surcharge revenue, will not be deposited into the Fair Share Trust Fund. 4. It mandates the Department of Revenue to submit quarterly reports on the monies received from the Fair Share Amendment surcharge to various government entities. The overall intent of the bill is to ensure the revenue generated from the Fair Share Amendment is used for the specific purposes outlined in the state's constitution.

Budget and Finance

https://malegislature.gov/Bills/193/S1867