Section 25 Surtax Revenue Trust Fund Clarification 2

Section 2BBBBBB of said chapter 29, as most recently amended by section 17 of chapter 28 of the acts of 2023, is hereby further amended by striking out subsection (a) inserting in place thereof the following 2 subsections:-
(a) As used in this section, the following words shall, unless the context otherwise requires, have the following meanings:-
"Dedicated education income surtax revenue amount", the amount of $125,000,000 for each fiscal year.
"Dedicated transportation income surtax revenue amount" shall mean the amount of $250,000,000 for each fiscal year.
"Education income surtax revenue", income tax revenue from the tax specified in subsection (d) of section 4 of chapter 62 and used for education purposes.
"Income surtax" shall mean the tax specified in subsection (d) of section 4 of chapter 62.
"Income surtax revenue", tax revenue from the tax specified in subsection (d) of section 4 of chapter 62, as adjusted, pursuant to Article XLIV of the Amendments to the Constitution of the Commonwealth.
"Remaining income surtax revenue", in each fiscal year, the income surtax revenue less the dedicated education income surtax revenue amount and less the dedicated transportation income surtax revenue amount; and in each calendar quarter, the portion of the income surtax revenue collected in such calendar quarter, less the portion attributable to the dedicated education income surtax revenue amount and the dedicated transportation income surtax revenue amount.
"Transportation income surtax revenue", income tax revenue from the tax specified in subsection (d) of section 4 of chapter 62 of the General Laws and used for transportation purposes.
(a½) The dedicated transportation income surtax revenue amount shall be credited to the Commonwealth Transportation Fund established under section 2ZZZ. The sums to be credited to the Commonwealth Transportation Fund under this subsection are hereby impressed with a trust for the benefit of the holders from time to time of any special obligation bonds or notes payable from payable solely from monies credited to the Commonwealth Transportation Fund as provided in section 2O of this chapter.

This section, along with other related sections, make amendments to the Education and Transportation Fund to permit funds to be dedicated to the Commonwealth Transportation Fund as well as other technical amendments to support the goals of the fund.