[ Text of section added by 2023, 28, Sec. 20 effective January 1, 2023. See 2023, 28, Sec. 105.]Section 5I.
(a)Annually, not later than February 20, May 20, July 20 and October 20, pursuant to paragraph (1) of subsection (b), and annually not later than December 15, pursuant to paragraph (2) of said subsection (b), the commissioner of revenue shall certify to the comptroller the amount of tax revenues estimated to have been collected during the preceding period due to the additional 4 per cent income tax levied pursuant to Article XLIV of the Amendments of the Constitution of the Commonwealth with adjustments described in subsection (c).
(b)(1) For the purposes of this section, quarterly periods shall be defined as October 1 to January 31, inclusive, February 1 to April 30, inclusive, May
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[ Text of section added by 2023, 28, Sec. 20 effective January 1, 2023. See 2023, 28, Sec. 105.]Section 5I. (a) Annually, not later than February 20, May 20, July 20 and October 20, pursuant to paragraph (1) of subsection (b), and annually not later than December 15, pursuant to paragraph (2) of said subsection (b), the commissioner of revenue shall certify to the comptroller the amount of tax revenues estimated to have been collected during the preceding period due to the additional 4 per cent income tax levied pursuant to Article XLIV of the Amendments of the Constitution of the Commonwealth with adjustments described in subsection (c).(b)(1) For the purposes of this section, quarterly periods shall be defined as October 1 to January 31, inclusive, February 1 to April 30, inclusive, May 1 to June 30, inclusive, and July 1 to September 30, inclusive.(2) Each quarterly period certification under subsection (a) shall include, as necessary, adjustments to estimates made with respect to prior quarters of the same fiscal year; provided, however, that annually, not later than December 15, the commissioner shall issue to the comptroller the preliminary certification of tax revenues collected during the preceding fiscal year due to the additional 4 per cent income tax levied pursuant to Article XLIV of the Amendments of the Constitution of the Commonwealth, plus adjustments as necessary for prior fiscal years.(3) Each quarterly period certification shall include the total balance, in the aggregate, of the funds established in sections 2BBBBBB, 2CCCCCC and 2DDDDDD.(c) Upon the quarterly certification by the commissioner pursuant to subsection (a), the comptroller shall transfer quarterly all such certified revenue, net of all necessary adjustments, from the General Fund to the Education and Transportation Fund established in section 2BBBBBB. Transfers shall be credited in the same fiscal year during which the certification is issued; provided, however, that any transfers resulting from the July 20 certification shall be credited in the fiscal year ending on the immediately preceding June 30.