SECTION 1. Section 3 of chapter 60B of the General Laws, as appearing in the 2014 Official Edition, is hereby amended by striking the section in its entirety and inserting in place thereof the following:-
Section 3. The excise imposed by this chapter shall not apply to vessels described in section 8 of chapter 59 and in section 67 of chapter 63; to vessels owned by the commonwealth or any political subdivision thereof; to law enforcement vessels; to vessels under construction; to ferries; to boats, fishing gear and nets, to the extent of the first 75 thousand dollars in value thereof, owned and actually used by the owner in the prosecution of his business if engaged in commercial fishing and if no less than 50 per cent of his income is from commercial fishing; nor to other vessels with a value of 1 thousand dollars or less. Said exemptions shall not subject said vessels and their equipment to any other tax under chapter 59.
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