SECTION 1.
(a)Section 4 of said chapter 62 of the General Laws, as appearing in the 2010 Official Edition, is hereby amended by striking out subsection (b) and inserting in place thereof the following subsection:-
(b) Part B taxable income shall be taxed at the rate of 5 percent.
(b) Subsection (a) of this act shall be effective beginning July 1, 2015.
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