AN ACT TO ROLL BACK THE STATE INCOME TAX RATE TO 5 PERCENT BY THE YEAR 2003.
Be it enacted by the People, and by their authority, as follows:
SECTION 1. Section four of chapter sixty-two of the General Laws as appearing in the 1996 Official Edition, is hereby amended by striking out paragraph (b) and inserting in place thereof a new paragraph:-
(b) For taxable years commencing on or after January first, two thousand and one and before January first, two thousand and two, Part B taxable income shall be taxed at the lowest rate otherwise set by law for such years or portion thereof but not to exceed 5.60 percent. For taxable years commencing on or after January first, two thousand and two and before January first, two thousand and three, Part B taxable income shall be taxed at the lowest rate otherwise set by law for such years or portion thereof but not to exceed 5.30 percent. For taxable years commencing on or after January first, two thousand and three, Part B taxable income shall be taxed at the lowest rate otherwise set by law for such years or portion thereof but not to exceed 5.00 percent.
SECTION 2. The provisions of this law are severable, and if any clause, sentence, paragraph or section of this chapter, or an application thereof, shall be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair, or invalidate the remainder thereof but shall be confined in its operation to the clause, sentence, paragraph, section or application adjudged invalid.