Section 39 of chapter 63 of the General Laws, as appearing in the 2016 Official Edition, is hereby amended by inserting after the word “greater”, in line 12, the following words:- ; and provided, further, that an entity with the definition of, and electing to be treated as a homeowners association under 26 U.S.C. section 528(c), organized under the laws of the commonwealth as a corporation and subject to taxation pursuant to this section shall pay, on account of each taxable year, only the excise provided in subsection (a).
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