By Mr. Torrisi of North Andover, petition (accompanied by bill, House, No. 3146) of David M. Torrisi and others relative to tax deferred agreements under the law regulating the assessment of local property taxes.  Revenue.

 

The Commonwealth of Massachusetts

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PETITION OF:

 

David M. Torrisi

Barbara A. L'Italien

Alice Hanlon Peisch

James E. Timilty

Susan C. Fargo

 

 

 

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In the Year Two Thousand and Seven.

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 An Act relative to tax deferred agreements.

 

    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. Clause Forty-first A of section 5 of chapter 59 of the General Laws, as appearing in the 2004 Official Edition, is hereby amended by striking out, in line 974, the words “Any city or town may also, by vote of its legislative body, adopt a higher maximum qualifying gross receipts amount for the purposes of this section; provided, however, that such maximum qualifying gross receipts amount shall not exceed forty thousand dollars.”

 

SECTION 2. Said clause Forty-first A of said section 5 of said chapter 59 of the General Laws, as so appearing, is hereby further amended by striking out, in line 974, the words “twenty thousand dollars” and inserting in place thereof the following figure:- $100,000.

 

SECTION 3. Said clause Forty-first A of said section 5 of said chapter 59 of the General Laws, as so appearing, is hereby amended by striking out, in line 1001, the words “eight per cent per annum” and inserting in place thereof the following:- no greater than one per cent above the borrowing rate of the city or town in which the property is situated.

 

SECTION 4. Said clause Forty-first A of said section 5 of said chapter 59 of the General Laws, as so appearing, is hereby amended by striking out, in line 960, the words “sixty-five years of age or over” and inserting in place thereof the following:- sixty-two years of age or over.

 

SECTION 5. Said clause Forty-first A of said section 5 of said chapter 59 of the General Laws, as so appearing, is hereby amended by striking out, in line 962, the words “sixty-five years of age or over” and inserting in place thereof the following:- sixty-two years of age or over.