Bill > S1865

This bill aims to protect the intent of the Fair Share Amendment, which was adopted by Massachusetts voters in the 2022 general election. The key provisions of the bill are: 1. Excluding any revenue attributable to the Fair Share Amendment from the calculation of "tax revenues estimated to have been collected from capital gains income" under Section 5G of Chapter 29 of the General Laws. 2. Including the additional revenues attributable to the Fair Share Amendment in the definition of "State Tax Revenues" under Section 2 of Chapter 62F of the General Laws. 3. Excluding any liability imposed pursuant to the Fair Share Amendment from a taxpayer's personal income tax liability under Section 6 of Chapter 62F of the General Laws. These provisions aim to ensure that the intent of the Fair Share Amendment, which imposes an additional tax on incomes above $1 million, is not undermined by changes to existing tax laws and revenue calculations.

Budget and Finance

https://malegislature.gov/Bills/193/S1865