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Senate debate pits fiscal discipline against one-time spending; Tarr amendment to restore stabilization rule fails
Summary
Senator Tarr proposed an amendment to direct a larger share of excess capital gains into the Commonwealth Stabilization Fund; the amendment failed on a roll call after extended floor debate with Ways and Means leadership defending a proposal to seed a new deficiency reserve account.
Senator Tarr proposed an amendment to change how excess capital gains are allocated, arguing the statute (chapter 29, section 5(gs) as cited on the floor) intends 90% of excess capital gains to go to the stabilization fund. Tarr said last year's closeout deviated from that practice by directing only 5% to the stabilization fund and spending the remainder.
Tarr said lawmakers should "return to the policy of our…
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