Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. Section 5 of chapter 59 of the General Laws, as appearing in the 1986 Official Edition, is hereby amended by inserting after clause Fifth A the following clause:-
Fifth B, The real and personal estate belonging to or held in trust for the benefit of incorporated organizations of veterans of any war in which the United States has been engaged, to the extent of seven hundred thousand dollars, if used and occupied by such association, and if the net income from said property is used for charitable purposes; provided, however, that such estate shall not be exempt for any year in which such association or the trustees holding for the benefit of such association wilfully omit to file with the assessors the list and statement required by section twenty-nine. This clause shall take effect upon its acceptance by any city or town. In a city or town which accepts the provisions of this clause, the provisions of clause Fifth and Fifth A shall not be applicable.
SECTION 2. Notwithstanding the provisions of section one concerning acceptance by a city or town, in any city or town which accepts the provisions of clause Fifth B of section five of chapter fifty-nine of the General Laws, inserted by section one, prior to January first, nineteen hundred and eighty-eight, the provisions of said clause Fifth B shall apply to property assessments made during the period commencing January first, nineteen hundred and eighty-six and applicable to the tax year ending June thirtieth, nineteen hundred and eighty-seven.