SENATE, No. 2053

By Mr. O'Leary, a petition (accompanied by bill, Senate, No. 2053) of Robert A. O'Leary and Eric Turkington (by vote of the town) for legislation to amend the Nantucket Islands land bank act to increase the first time home buyer exemption. Environment, Natural Resources and Agriculture. {Local approval received.}

The Commonwealth of Massachusetts

Seal of the Commonwealth of Massachusetts

In the Year Two Thousand and Five.

AN ACT TO AMEND THE NANTUCKET ISLANDS LAND BANK ACT TO INCREASE THE FIRST TIME HOME BUYER EXEMPTION

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 12 (m) of the Nantucket Islands Land Bank Act, chapter 669 of the Acts of 1983, as amended by chapter 407 of the acts of 1984, chapter 666 of the Acts of 1987, chapter 392 of the Acts of 1991, chapter 309 of the Acts of 1994, chapter 309 of the Acts of 1995, chapter 370 of the Acts of 2002, to delete the following text: “Two Hundred Thousand Dollars (200,000)” and substitute therefore the following:  “Four Hundred Thousand Dollars (400,000)”.

SECTION 2.   This act shall take effect upon its passage.