Section 18 Surtax Implementation 7
Section 2BBBBBB of said chapter 29, inserted by section 17, is hereby 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, plus an adjustment factor equal to the 10-year rolling rate of growth of income subject to the additional 4 per cent tax, as certified by the commissioner of revenue. For years in which the additional 4 per cent tax 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.