By Mr. Rodrigues of Westport (by request), petition (accompanied by bill, House, No. 3098) of Jim Klocke for legislation to repeal net worth excise tax on intangible property corporations.  Revenue.

The Commonwealth of Massachusetts

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PETITION OF:

Jim Klocke

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In the Year Two Thousand and Seven.

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An Act to repeal net worth excise tax on intangible property corporations.

    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 32 of chapter 63 of the General Laws is hereby amended by deleting subsection (1)(ii), which reads as follows: “its net worth as determined to be taxable under paragraph 8 of section thirty if an intangible property corporation.”

SECTION 2. The provisions of this act shall take effect on January 1, 2008, or on the day after publication, whichever is later