The proposed bill introduces the "Surplus Funds Tax Credit Act" as a new chapter in Title 44 of the General Laws concerning taxation. It mandates that if net state tax revenues in any fiscal year exceed the projected revenue estimates contained in the budget, the excess amount will result in a credit equal to the total amount of such excess. This credit will be applied to the current personal income tax liability of all taxpayers on a proportional basis, calculated based on their personal income tax liabilities from the immediately preceding taxable year. The state budget officer is responsible for determining whether the net state tax revenue exceeds the projected estimates and reporting this by September 1 of each fiscal year. The calculation of the excess and the subsequent refunds to taxpayers will be made by the director of the department of revenue.

The bill also provides for enforceability by taxpayers through the state’s supreme or superior court, allowing a petition to be filed by at least twenty-eight taxable inhabitants of the state, with no more than seven from any one county. If successful, petitioners may recover reasonable attorneys' fees and other costs incurred in maintaining such a suit. Additionally, the director is granted the authority to promulgate rules and regulations necessary to implement the provisions of this chapter. The act is set to take effect on July 1, 2025.