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Senate floor debate breaks over allocation of excess capital gains; amendment to boost rainy day fund fails
Summary
A proposed amendment to direct a larger share of excess capital gains into the Commonwealth Stabilization Fund failed after a roll-call vote. The amendment sought 75% to stabilization, 15% to a deficiency reserve, and 5% each to pension and OPEB funds; opponents argued a newly seeded deficiency reserve was prudent in light of federal tax changes.
Senator (minority leader) offered an amendment to change how excess capital gains revenue is allocated, proposing 75% to the Commonwealth Stabilization Fund, 15% to a deficiency reserve, and 5% each to the pension liability and retiree benefits (OPEB) funds. He argued the statutory treatment (90% to stabilization under…
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