This act was passed to assert the authority of the British government to tax its subjects in North America after it repealed the much-hated Stamp Act. On March 18, 1766, George III approved Parliament's repeal of the Stamp Act and its passage of the Declaratory Act.British King George III approved the repeal of the Stamp Act and passed the Declaratory Act on March 18, 1766. November 1, 1765: The Stamp Act goes into effect in the colonies. Under pressure from London merchants, Parliament abolished the Stamp Act in 1766. The Boston Port Act was the first of the Coercive Acts. Parliament passed the bill on March 31, 1774, and King George III gave it royal assent on May 20th. The colonists were elated with the news, but were less than thrilled with the passage of the Declaratory Act that same year. Parliament had directly taxed the colonies for revenue in the Sugar Act (1764) and the Stamp Act (1765). That was enough to take the air out of the opposition.