Bill > H3030

This bill modifies how excess tax revenues are allocated across different state funds by changing the percentage distributions. Specifically, the bill reduces the transfer to the Commonwealth Stabilization Fund from 90% to 70% and introduces a new 10% transfer to the Disaster Relief and Resiliency Trust Fund. The other existing allocations are also slightly adjusted: the transfer to the State Retiree Benefits Trust Fund increases from 5% to 10%, and the transfer to the Commonwealth's Pension Liability Fund similarly increases from 5% to 10%. The new 10% allocation to the Disaster Relief and Resiliency Trust Fund is intended to create a dedicated funding source for managing and responding to state-level disasters, which could include natural catastrophes, emergencies, or other significant events that require substantial financial resources for recovery and resilience planning. By diversifying the distribution of excess tax revenues, the bill aims to strengthen the state's financial preparedness across multiple critical areas.

Budget and Finance

https://malegislature.gov/Bills/194/H3030