Massachusetts General Laws ch. 64C sec. 28 – Disposition of sums received
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Section 28. Except as provided in sections 6 and 7A all sums received pursuant to the excise imposed by this chapter, together with any penalties, forfeitures, interest, costs of suits and fines collected in connection therewith, less all amounts refunded or abated in connection therewith, shall be credited as follows:
Terms Used In Massachusetts General Laws ch. 64C sec. 28
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(a) Forty per cent of the amount in excess of $169,800,000 received during a fiscal year shall be credited to the Local Aid Fund;
(b) The balance remaining after crediting the amounts required under clause (a) shall be credited to the General Fund.