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. Chapter 712 of the acts of 1963 is hereby amended by striking out section 6, as most recently amended by section 233 of chapter 110 of the acts of 1993, and inserting in place thereof the following section:-
Section 6. The corporation shall not be subject to the provisions of chapter 63 of the General Laws, nor to any taxes based upon or measured by income. The securities and evidences of indebtedness issued by the corporation, and income therefrom, shall at all times be free from taxation by the commonwealth. Real property owned by the corporation shall not be subject to taxation by the city or town in which it is located until 50 years from the date of its acquisition or until such property is leased, rented, or otherwise disposed of, whichever is first.
SECTION 2. Section 6A of said chapter 712 is hereby repealed.
SECTION 3. The provisions of section 6 of chapter 712 of the acts of 1963 shall take effect as of January 1, 2003.