Section 7 Surtax Implementation 3

Said chapter 29 is hereby further amended by inserting after section 5H the following section:-

Section 5I. (a) No later than February 20, May 20, July 20, and October 20 of each year pursuant to paragraph (1) of subsection (b), and annually by December 15 pursuant to paragraph (2) of said subsection (b), the commissioner of revenue shall certify to the comptroller the amount of tax revenues estimated to have been collected during the preceding period on account of the additional 4 per cent income tax levied pursuant Article XLIV of the Articles of amendment of the Constitution, as added by CXXI of the Articles of Amendment, with adjustments described in subsection (c).

          (b) (1) For purposes of this section, quarterly periods shall be defined as October 1 through January 31, February 1 through April 30, May 1 through June 30, and July 1 through September 30.

(2) Each quarterly period certification shall include, as necessary, adjustments to estimates made with respect to prior quarters of the same fiscal year; provided further, annually and no later than December 15, the commissioner shall issue to the comptroller the preliminary certification of tax revenues collected during the preceding fiscal year due to said additional 4 per cent income tax, plus adjustments as necessary for prior fiscal years.

          (c) Upon certification by the commissioner pursuant to subsection (a), the comptroller shall transfer quarterly all such certified revenue, net of all necessary adjustments, from the General Fund to the Education and Transportation Fund established in section 2BBBBBB. Transfers shall be credited in the same fiscal year during which the certification is issued, provided that any transfers resulting from the July 20 certification shall be credited in the fiscal year ending on the immediately preceding June 30.

This section, along with five others, formally incorporates the 4% surtax into the Massachusetts General Laws and establishes the Education and Transportation Fund for deposit of surtax revenues.