Bill > H3498

This bill establishes a dedicated fund called the YMCA's Youth & Government Fund, which will be managed by the state treasurer and used to support the YMCA's Youth & Government program. The fund will receive money from voluntary donations made through a new check-off box on the state income tax return, as authorized by a change to Chapter 62 of the General Laws, and from other public and private gifts and grants. Taxpayers will have the option to contribute all or part of their tax refund, or add an extra amount to their tax payment, to this fund when filing their annual income tax returns, and the Department of Revenue will ensure taxpayers are clearly informed about this donation option. Any money remaining in the fund at the end of a fiscal year will not be returned to the General Fund but will carry over for use in future years, and the state treasurer will invest the funds to earn the highest possible interest rate while ensuring the money is readily available.