Whereas , The deferred operation of this act would tend to defeat its purpose, which is to further regulate forthwith the taxation of common trust funds, therefore it is hereby declared to be an emergency law, necessary for the immediate preservation of the public convenience.

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

SECTION 1. Paragraph (e) of section 17 of chapter 62 of the General Laws, as appearing in the 1996 Official Edition, is hereby amended by adding the following paragraph:-

For purposes of this chapter, in determining items of income, basis, gain or loss with respect to a common trust fund or its participants involved in a transaction described in section 584(h) of the Internal Revenue Code, the provisions of said section 584(h) shall apply as though incorporated herein. For purposes of the preceding sentence, "Internal Revenue Code" shall mean the Internal Revenue Code of the United States as amended and in effect on August 21, 1996.

SECTION 2. The provisions of this act shall be applicable to tax years commencing on or after January 1, 1998.