Section 2I. There shall be established and set up on the books of the commonwealth a separate fund to be known as the Tax Reduction Fund, consisting of amounts transferred to the fund under section 2H and income derived from the investment of amounts so transferred. The purpose of the fund shall be to maintain a reserve which shall be used only to reduce personal income taxes as provided in this section.
On or before October 31, the comptroller shall certify to the governor the total amount in the Tax Reduction Fund as shown in the financial report of the comptroller for the preceding fiscal year. A temporary increase in the amounts of the personal exemption allowable on the income tax shall be provided, subject to appropriation, for the taxable year ending on the succeeding December 31 to the extent that the amount in the Tax Reduction Fund equals an integer multiple of 5 per cent of the amount of the personal income taxes which will not be collected for said taxable year on account of such personal exemptions. The commissioner of revenue shall calculate the amount of the temporary increase, if any, in such personal exemptions for said taxable year. The comptroller shall transfer the amount equal to such integer multiple of 5 per cent of the amounts not collected due to such personal exemptions from the Tax Reduction Fund to the General Fund.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
