Session Laws

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 4 of chapter 669 of the acts of 1983 is hereby amended by striking out, in line 24, the word "and",- and by inserting after the word "thereof", in line 26, the following:- ; (h) lease real property as may be held by the land bank for purposes consistent with this act; and (i) finance and construct recreational facilities, subject to the provisions of section six.

SECTION 2. Section 5 of said chapter 669 is hereby amended by striking out, in line 10, the word "and",- and by inserting after the word "areas", in line 12, the following:- ; and (h) land used or to be used for agricultural purposes.

SECTION 3. Section 8 of said chapter 669 is hereby amended by adding the following sentence:- Real property held in the name of the Nantucket Islands land bank or its designee shall be exempt from property taxes as of the date of acquisition of title by the Nantucket Islands land bank or its designee; and any taxes assessed against such real property interests shall be abated for that portion of any fiscal year during which the real property interests was owned by the Nantucket Islands land bank or its designee.

SECTION 4. Section 10 of said chapter 669 is hereby amended by adding the following sentence:- Notwithstanding the foregoing, whenever there is a conveyance of real property interests and a conveyance of personalty related thereto at or about the same time, the allocations of payments between real estate and personalty agreed to by the purchaser and seller shall not determine the amount of the fee due pursuant to this section; instead, the commission may require payment of the fee referred to in real property interests so conveyed as determined by the commission.

SECTION 5. Said chapter 669 is hereby further amended by inserting after section 10 the following section:-

Section 10A. To the extent not otherwise subject to payment of a fee pursuant to section ten, and notwithstanding the exemptions set forth in paragraphs (i) and (j) of section twelve, unless otherwise exempted pursuant to section twelve excluding said paragraphs (i) and (j), there shall be paid a fee equal to two per cent of the fair market value of real property interests held in the name of or otherwise owned by a corporation upon the transfer by the controlling stockholders of their interests of the stock of such corporation. This fee is due on or before the time of transfer of the stock.

To the extent not otherwise subject to payment of a fee pursuant to section ten and notwithstanding the exemptions referred to in said paragraphs (i) and (j), unless otherwise exempted pursuant to said section twelve excluding said paragraphs (i) and (j), there shall be paid a fee equal to two per cent of the fair market value of real property interests held in the name of a partnership or otherwise owned by a partnership upon the change in composition of such partnership either in one transaction or a series of related transactions which change in composition results in a transfer of capital interests in excess of fifty per cent of the total capital interests within such partnerships or results in a transfer of the ownership rights to profit interests within such partnership in excess of fifty per cent of the total profit interests within such partnerships.

SECTION 6. Paragraph (i) of section 12 of said chapter 669 is hereby amended by inserting after the word "amended", in line 4, the words:- ; provided, however, that such transfer shall be exempt only in the event that (i) with respect to a corporation, the transferor retains a controlling interest in such corporation after such formation or (ii), with respect to a partnership, the transferor retains after such formation rights to capital interests in excess of fifty per cent of the capital interests within such partnership or retains rights to profit interests within such partnership in excess of fifty per cent of the total profit interests within such partnership.

SECTION 7. Paragraph (j) of said section 12 of said chapter 669 is hereby amended by inserting after the word "partnership", the second time it appears, in line 3, the words:- ; provided, however, that such transfer shall be exempt only in the event that (i) with respect to a corporation, the transferee had prior to the transfer a controlling interest in such corporation or (ii) with respect to a partnership, the transferee had prior to the transfer rights to capital interests in excess of fifty per cent of the total capital interests within such partnership or had rights to profit interests within such partnership in excess of fifty per cent of the total profit interests within such partnership.

SECTION 8. Paragraph (m) of said section 12 of said chapter 669 is hereby amended by striking out, in line 6, the words "intends to" and inserting in place thereof the word:- shall,- and by striking out, in line 8, the words "with the intention to" and inserting in place thereof the words:- and shall.