Section 57 Surtax Revenue to CTF and Clarifications 7

Said section 2BBBBBB of said chapter 29 is hereby further amended by striking out subsection (f), as appearing in section 56, 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, 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 as certified by the commissioner of revenue. For years in which the tax specified in said subsection (d) of said section 4 of said chapter 62 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 said subsection (d) of said section 4 of said chapter 62.