Section 29 Surtax Revenue Trust Fund Clarification 6
Said section 2BBBBBB of said chapter 29, as so appearing, is hereby further amended by striking out subsection (f) and inserting in place thereof the following subsection:-
(f) The annual spending threshold shall be equal to the prior year spending threshold, less the dedicated transportation income surtax revenue amount and the dedicated education income surtax revenue amount, plus an adjustment factor equal to the 10-year rolling rate of growth of income subject to the tax specified in subsection (d) of section 4 of chapter 62 of the General Laws, as certified by the commissioner of revenue. For years in which the tax specified in subsection (d) of section 4 of chapter 62 of the General Laws was not in effect, the commissioner shall calculate the amount of income that would have been subject to the taxes, adjusted for increases in the cost of living in the same manner as described in Article XLIV of the Amendments to the Constitution of the Commonwealth and set forth pursuant to paragraph (d) of section 4 of chapter 62.
Summary
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.