Outside Section 42

Stabilization Fund: Cancel Deposit and Transfer Interest

SECTION 42.   Notwithstanding any general or special law to the contrary:
          (a) during fiscal years 2007 and 2008 the comptroller shall not transfer 0.5 per cent of the total revenue from taxes in the preceding fiscal year to the Commonwealth Stabilization Fund as otherwise required by clause (a) of section 5C of chapter 29 of the General Laws; and
          (b) as of June 30, 2008, the comptroller shall transfer from the Commonwealth Stabilization Fund to the General Fund the lesser of: (1) the interest paid on the Commonwealth Stabilization Fund during fiscal year 2008, or (2) $75,000,000.
 
 

Summary:
This section cancels the automatic deposit into the Commonwealth Stabilization Fund for fiscal years 2007 and 2008, and tranfers the Fund's interest (but not more than $75 million) to the General Fund .