Bill > S1518

This bill aims to increase funding for the Financial Literacy Trust Fund, a dedicated account for promoting financial education. It proposes to achieve this by allowing individuals filing their annual income tax returns with the Massachusetts Department of Revenue to voluntarily contribute to the fund. Specifically, the bill amends existing law to include revenue from these voluntary check-off donations on the income tax return, which will be used to further financial literacy initiatives. It also introduces a new section that explicitly permits taxpayers to either designate a portion or all of their tax refund, or to add an extra amount to their tax payment, to be credited directly to the Financial Literacy Trust Fund. The bill mandates that the Commissioner of Revenue must ensure taxpayers are clearly informed about this donation option when they file their tax returns, and the commissioner will report the total amount collected annually to the state treasurer for allocation to the fund.