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Tax Settlement Revenue

SECTION 59.   Section 2H of chapter 29 of the General Laws is hereby amended by striking out the third paragraph, added by section 37 of chapter 68 of the acts of 2011, and inserting in place thereof the following 2 paragraphs:-

Upon receiving a written joint certification from the commissioner of revenue and the attorney general that the department of revenue is in receipt of a 1-time tax settlement or judgment for the commonwealth, of which the net value to the commonwealth of the proceeds of that settlement or judgment, after all restitution or other remedial payments are made pursuant to the tax settlement or judgment, exceeds $1,000,000 in any 1 fiscal year, the comptroller shall transfer the proceeds from the General Fund to the Commonwealth Stabilization Fund.

In each fiscal year, prior to complying with clause (a) of section 5C, the comptroller shall transfer from the Commonwealth Stabilization Fund to the General Fund the lesser of: (a) one-half of the lowest aggregate amount collected in any 1 of the previous 3 fiscal years from 1-time tax settlements or judgments collected by the department of revenue for the commonwealth with a net value that exceeds $1,000,000; or (b) $30,000,000.

Veto Explanation:
I am vetoing this section because it is likely to have the effect of reducing revenues necessary to support the operating budget.