Bill Text: MA H2891 | 2009-2010 | 186th General Court | Introduced

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Bill Title: Establish a one-time capital expenditure fund with capital gains revenue

Spectrum: Partisan Bill (Democrat 1-0)

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

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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.