Section 52 Surtax Revenue to CTF and Clarifications 2
Section 2BBBBBB of said chapter 29, inserted by section 17 of chapter 28 of the acts of 2023, is hereby amended by striking out subsection (a) and inserting in place thereof the following 2 subsections:-
(a) As used in this section, the following words shall have the following meanings unless the context clearly requires otherwise:
"Dedicated transportation income surtax revenue amount", the amount of $250,000,000 for each fiscal year.
"Income surtax", 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 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 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 and used for transportation purposes.
(a 1/2) 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 solely from monies credited to the Commonwealth Transportation Fund as provided in section 2O. Any increase in capacity to issue special obligation bonds or notes payable under said section 2O shall be for approved transportation projects in geographically equitable locations; provided, however, that annually, not later than October 31, the secretary for administration and finance shall submit a report to the joint committee on transportation detailing approved transportation projects funded during the prior fiscal year.