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Budget Summary FY2010

Outside Section 22
Data Current as of:  1/26/2010

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Captial Gains Transfer to the Commonwealth Stabilization Fund

SECTION 22.   **Item was returned for amendment (Attachment E)

Chapter 29 of the General Laws is hereby amended by inserting after section 5F the following section:-

Section 5G. Notwithstanding any general or special law to the contrary, the department of revenue shall report by September 30 to the state comptroller, the executive office for administration and finance and the house and senate committees on ways and means the amount collected from capital gains revenue in the previous fiscal year; provided, however, that beginning October 31 and quarterly thereafter the department of revenue shall, within 15 days, certify to the state comptroller the amount collected in capital gains revenues for the previous quarter. The department of revenue shall certify by October 31, beginning in fiscal year 2010, the amount of actual receipts of capital gains for the previous fiscal year and the comptroller shall transfer 50 per cent of the growth in capital gains revenue that exceeds the amount collected during the previous fiscal year to the Commonwealth Stabilization Fund established by section 2H; provided, however, that said transfer shall be made prior to the certification of the consolidated net surplus for the previous fiscal year as provided in section 5C; provided further, that 2 percent of any amount transferred to the Commonwealth Stabilization Fund under this section shall then be transferred from the Commonwealth Stabilization Fund to the State Retiree Benefits Trust Fund.