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Commonwcalth of Massachusetts.

IN SENATE, March 12, 1878. The Committee on Banks and Banking, to whom was referred the Order to consider the expediency of exempting from taxation such portions of deposits in savings banks as may be invested in United-States bonds, report the accompanying Bill.

For the Committee,

C. J. HOLMES.

Commonwealth of Massachusetts.

In the Year One Thousand Eight Hundred and Seventy-Eight.

AN ACT

For the Exemption from Taxation of Deposits in Sai

ings Banks invested in United-States Securities.

Be it enacted by the Senate and House of Representativ in General Court assembled, and by the authority of ti same, as follows : 1 Sect. 1. In addition to the returns of savinę 2 banks, and institutions for savings, required by tł 3 provisions of section eight of chapter two hundre 4 and twenty-four of the acts of the year eighter 5 hundred and sixty-two, the average amount investe 6 in United-States securities for the period for whic 7 such return is required shall be stated; and the sta 8 tax shall be assessed upon the balance remainin 9 after deducting the amount so held in United-Stat 10 securities from the average amount of deposit.

1 SECT. 2. This act shall take effect upon its på 2 sage.

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