Bill Text: MA H2891 | 2009-2010 | 186th General Court | Introduced
Bill Title: Establish a one-time capital expenditure fund with capital gains revenue
Sponsorship: Partisan Bill (Democrat 1)
Status: (Introduced - Dead) 2009-01-20 - Public Hearing date 7/22 at 10:00 AM in Hearing Room B2 [H2891 Detail]
Download: Massachusetts-2009-H2891-Introduced.html
The Commonwealth of Massachusetts
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PRESENTED BY:
John H. Rogers
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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 bill:
An Act Relative to Using Capital Gain Income for One-Time Capital Expenditures.
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PETITION OF:
|
Name: |
District/Address: |
|
John H. Rogers |
12th Norfolk |
|
Bradley H. Jones, Jr. |
20th Middlesex |
The Commonwealth of
Massachusetts
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In the Year Two Thousand and Nine
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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.� �����������
