BOSTON (WWLP) – The Fair Share Amendment that was approved as Question 1 in the November election has officially been signed into law by Secretary of the Commonwealth William Galvin.
The law will impose a surtax on income over $1 million in the state and will now be known as Article CXXI of the Articles of Amendment to the Massachusetts Constitution.
Along with signing the bill into law, Galvin is asking state lawmakers to establish an education trust fund that will guarantee funds from this new law will go towards education. Part of the text on the amendment proposed in the November election promised part of the funds would be used for public education, so long as there was approval by state legislators.
Question 1 was approved in November with nearly 52% of the votes cast in favor of the amendment. The new law will go into effect on January 1, 2023.
Galvin is also asking lawmakers to review the law that defines “annual tax income” to exclude one-time profit on home sales if the homeowner is elderly and income-limited. He said the Fair Share Amendment may discourage older homeowners from selling their homes if they are possibly taxed through this new law.
“Immediate action will be needed to assist elderly homeowners who may have been intending to sell their current primary residence, in an effort to downsize and fund their retirement,” Galvin said.