Governor Charles D. Baker's Budget Recommendation - House 2 Fiscal Year 2017

Outside Section 30



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Treatment of Capital Gains in FY17

SECTION 30.   Notwithstanding any general or special law to the contrary, the threshold above which the comptroller shall make any transfers attributable to capital gains tax collections under section 5G of chapter 29 of the General Laws shall be $1,278,000,000 during fiscal year 2017.
 
 

Summary:
This section requires the Comptroller to transfer all capital gains tax collections that are above $1.278 billion to the Stabilization Fund in fiscal year 2017. The Department of Revenue has previously certified the threshold for such transfers as $1.128 billion, so this section makes $150 million of capital gains tax revenue available for the budget. It is expected to result in the transfer of $206 million to the Stabilization Fund consistent with the FY 2017 Consensus Tax Revenue estimate.



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