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By Mr. Coughlin of Dedham, petition (accompanied by bill, House, No. 2878) of Robert K. Coughlin relative to exempting from taxation certain property owned by a general partnership. Revenue. |
The Commonwealth of Massachusetts
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PETITION OF:
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By Mr. Coughlin of Dedham, petition (accompanied by bill, House, No. 2878) of Robert K. Coughlin relative to exempting from taxation certain property owned by a general partnership. Revenue. |
The Commonwealth of Massachusetts
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PETITION OF:
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In the Year Two Thousand and Seven.
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An Act exempting certain property owned by a general partnership. |
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
SECTION 1. Section 5 of Chapter 59 of the General Laws, as appearing in the 2004 Official Edition, is hereby amended by inserting following paragraph (5) in clause Sixteenth, the following paragraph:-
(6) Personal property owned by a general partnership in which all of the partnership interests are owned by one or more corporations described in paragraph (1), (2) or (3) of this clause shall be treated for purposes of this clause and section 18 as if owned directly by such corporations, as tenants in common, in the proportions in which each of them shares in the profits of the partnership. Effective for five years beginning on or after January 1, 2007.