Section 1.  Section 1 of chapter 63 of the General Laws, as so appearing, is hereby amended by striking out, in clause (b) of the definition of “Net income,” the words “losses sustained in other taxable years;” and inserting in place thereof the following clause: “losses sustained in other taxable years in excess of the amounts specified in paragraph 5 of section 30 of chapter 63;”

Section 2.  Subparagraph (b) of paragraph 5 of Section 30 of chapter 63 of the General Laws, as so appearing, is hereby amended by inserting at the end of the second paragraph, the following section: -

Said net operating loss carry-forward shall be applicable to any company subject to Massachusetts corporate excise taxation, excepting losses sustained in any taxable year beginning before January 1, 2010, by utility corporations subject to tax under section 52A of chapter 63, and financial institutions subject to tax under section 1, 2, and 2a of chapter 63; provided, further, that no net operating loss carry-forward of a utility corporation or financial institution shall be allowed as a deduction for any taxable year beginning before January 1, 2013.