HOUSE DOCKET, NO. 2753 FILED ON: 1/21/2011
HOUSE . . . . . . . . . . . . . . . No. 2562
The Commonwealth of Massachusetts
_________________
PRESENTED BY:
John H. Rogers
_______________
To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:
The undersigned legislators and/or citizens respectfully petition for the passage of the accompanying:
An Act relative to using capital gain income for one-time capital expenditures.
_______________
PETITION OF:
Name: | District/Address: |
John H. Rogers | 12th Norfolk |
HOUSE DOCKET, NO. 2753 FILED ON: 1/21/2011
HOUSE . . . . . . . . . . . . . . . No. 2562
By Mr. Rogers of Norwood, a petition (accompanied by bill, House, No. 2562) of John H. Rogers relative to establishing a one-time capital expenditure fund with capital gains revenue. Revenue. |
[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE
HOUSE
, NO. 2891 OF 2009-2010.]
The Commonwealth of Massachusetts
An Act relative to using capital gain income for one-time capital expenditures.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
SECTION 1. Chapter 29 of the General Laws, as appearing in the 2008 Official Edition, is hereby amended by inserting the following new paragraph:-
2YYY. One-Time Capital Expenditures
There shall be established and set upon the books of the commonwealth a separate fund to be known as the One-Time Capital Expenditure Fund to which shall be credited: (a) any funds that shall be appropriated or transferred for deposit into the trust fund; and (b) any income derived from investment of amounts credited to the trust fund (c) all Part C taxable income collected on an annual basis by the Commissioner of Revenue pursuant to Section 2 (h) of Chapter 62, after accounting for refunds, abatements or other adjustments. This money shall be expended for one-time capital needs of the commonwealth as determined by the legislature and not for annual operating expenses.
