Section 224 Application of Excess Capital Gains

Notwithstanding any general or special law to the contrary, the comptroller shall reduce any transfers attributable to capital gains tax collections required pursuant to section 5G of chapter 29 of the General Laws during fiscal year 2025 by an amount not to exceed $375,000,000 if the secretary of administration and finance makes a determination that the funds are needed and submits such determination in writing to the house and senate committees on ways and means that the funds are necessary to achieve balance for fiscal year 2025.