SECTION 1. (a) Notwithstanding any general or special law to the contrary, there shall be a special commission to study and report on the inventory tax. The commission shall consist of 2 members of the house of representatives, 1 of whom shall be appointed by the speaker of the house, and 1 of whom shall be appointed by the minority leader of the house; 2 members of the senate, 1 of whom shall be appointed by the senate president, and 1 of whom shall be appointed by the minority leader of the senate; 1 representative of the national federation of independent business; 1 representative of the department of revenue; and 1 representative of the massachusetts municipal association. The scope of the commission shall include, but shall not be limited to, studying: the impact of the inventory tax on the state budget and on municipal budgets; the budgetary cost of phasing out or eliminating the inventory tax; the financial and employment impacts on businesses within the commonwealth; a comprehensive review and evaluation of the inventory tax throughout the United States; and the results of reforming, phasing out or eliminating the inventory tax throughout the United States. As used in this section, the term "inventory tax" shall refer collectively to the following: (1) both the tangible property measure and the net-worth measure of the non-income portion of the corporate excise tax, as levied by the department of revenue; and (2) personal property tax, as levied by municipalities within the commonwealth.

(b) The commission shall report the results of its investigation and study and its recommendations by filing the same with the clerk of the senate, the clerk of the house of representatives, the department of revenue, and the joint committee on revenue not later than one year after the first meeting of the commission is convened.

(c) The commission shall conduct its first meeting not later than 60 days after the effective date of this act.