SECTION 1. Section 4 of said chapter 62 of the General Laws, as most recently amended by chapter 173 of the acts of 2008, is hereby amended by striking out subsection (b) in its entirety and inserting in place thereof the following subsection:-
(b) Part B taxable income shall be taxed at the rate of 5.15 percent for the taxable year beginning January 1, 2011.
SECTION 2. Section 4 of said chapter 62 of the General Laws, as so appearing, is hereby amended by striking out subsection (b) in its entirety and inserting in place thereof the following subsection:-
(b) Part B taxable income shall be taxed at the rate of 5 percent for the taxable year beginning January 1, 2012.
SECTION 3. Section 1 of this act shall be effective only for the taxable year beginning January 1, 2011
SECTION 4. Section 2 of this act shall be effective for taxable years beginning on or after January 1, 2012.
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