Session Laws

Whereas, The deferred operation of this act would tend to defeat its purpose, which is to immediately extend the reporting date for the filing of certain financial statements, therefore it is hereby declared to be an emergency law, necessary for the immediate preservation of the public convenience.

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. Subsection (1) of section 5 of chapter 29 of the General Laws, as appearing in the 1988 Official Edition, is hereby amended by striking out, in lines 1 and 2, the words "August fifteenth" and inserting in place thereof the following words:- September first.

SECTION 2. Section 5C of said chapter 29, as so appearing, is hereby amended by striking out, in lines 1 and 2, the words "August fifteenth" and inserting in place thereof the following words:- September first.

SECTION 3. Chapter 62F of the General Laws is hereby amended by striking out section 5, as so appearing, and inserting in place thereof the following section:-

Section 5. (a) The commissioner shall annually, on or before September first prepare a report of the net state tax revenues and the allowable state tax revenues of the commonwealth for the preceding fiscal year, and shall submit the report to the state auditor. Said state auditor shall review the report for completeness and accuracy, and may make or request the commissioner to make any necessary adjustments or modifications to assure its completeness and accuracy.

(b) Said state auditor shall annually on or before the third Tuesday of September, independently determine whether net state tax revenues for the immediately preceding fiscal year exceeded the allowable state tax revenues for said fiscal year. If said state auditor determines that the allowable state tax revenues for the immediately preceding fiscal year were exceeded, except as otherwise specifically authorized herein, he shall report that determination and the amount by which allowable state tax revenues were exceeded to the governor, the president of the senate, the speaker of the house of representatives, the house and senate committees on ways and means, and the commissioner. Said commissioner shall take all necessary action to effectuate the provisions of section six.

(c) Except as otherwise provided therein, the determination of said state auditor both as to the existence and the amount of an excess of net state tax revenues over the allowable state tax revenues in a fiscal year shall be conclusive for purposes of section six.

SECTION 4. This act shall take effect as of July first, nineteen hundred and eighty-nine.