Rebate to Federal Government to Exclude Interest Paid on Bonds From Gross Income

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Section 53H. Notwithstanding the provisions of section fifty-three, any city, town, district, regional refuse disposal district or regional school district issuing bonds or notes may rebate to the federal government, without further appropriation, any amount deemed necessary by the officers authorized to issue the bonds or notes in order to have interest paid on the bonds or notes be excluded, in whole or in part, from gross income for federal income tax purposes. Such payment made by a city, town or district shall be reported by the auditor or accountant of the city or town or other officer having similar duties or by the treasurer, if there is no such officer, to the assessors, who shall include the amount so reported in the determination of the next annual tax rate, unless the city, town or district has otherwise made provisions therefor. The amount of such payment made by a regional school district or regional refuse disposal district shall be included in the next annual district operation and maintenance budget, unless the regional district committee has otherwise made provisions therefor. The director of accounts may promulgate guidelines, rules and regulations to govern such rebates and any such rebates made under authority of this section shall be subject to any such guidelines, rules and regulations of said director.


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