Outside Section 19
Data Current as of: 8/6/2010
Said chapter 29 is hereby further amended by inserting after section 5F the following section:-
Section 5G. The department of revenue shall report by November 30 to the state comptroller, the executive office for administration and finance and the house and senate committees on ways and means tax revenues estimated to have been collected during the preceding fiscal year from capital gains income. After each quarter, the department of revenue shall certify to the state comptroller the amount of tax revenues estimated to have been collected during the preceding quarter from capital gains income. If the department of revenue certifies that the amount of tax revenues estimated to have been collected from capital gains income exceeds $1,000,000,000 in a fiscal year, the comptroller shall transfer quarterly any such amount that exceeds $1,000,000,000 collected during that fiscal year to the Commonwealth Stabilization Fund established by section 2H. This transfer shall be made before the certification of the consolidated net surplus for the previous fiscal year as provided in section 5C. Five per cent 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 established in section 24 of chapter 32A.