Section 44 Deeds Excise Clarifications 2
Said chapter 64D of the General Laws is hereby amended by striking out section 2 and inserting in place thereof the following section:-
Section 2. The tax imposed by this chapter shall be paid by the person who makes or signs the deed, instrument or writing, or for whose benefit the same is made or signed. In the instance where there is a transfer or acquisition of a controlling interest in an entity with an interest in real property, the tax imposed by this chapter shall be paid by the person who conveys such interest, including but not limited to, a shareholder, partner, or other interest-holder transferring stock, a partnership interest, or another equity interest, respectively. The payment of the tax shall be denoted by adhesive stamps affixed to the deed, instrument or writing, or to the vellum, parchment or paper upon which it is written or printed, except that in the instance of a transfer or acquisition of a controlling interest in an entity with an interest in real property, the commissioner shall prescribe a form for such purpose that shall be recorded and shall evidence the recording stamp required by this section. The person using or affixing a stamp shall cancel the same by writing or stamping thereon the initials of his name and the date when the same is affixed or used, in such manner that it cannot be used again; provided, however, that the stamp shall not be so defaced as to prevent determination of its denomination and genuineness.
The word ''person'' shall, for the purposes of this chapter, unless the context requires otherwise, include political subdivisions of the commonwealth, individuals, partnerships, corporations, trusts, limited liability companies, societies, associations and any other form of unincorporated enterprise.
Summary
This section, together with a related section, imposes deeds excise on transfers of controlling interests in entities holding real property and caps the deduction for assumed mortgages in calculating the deeds excise.