HP1079, LD 1509, item 18, Document Text

Amend the amendment by inserting after Part MMMMM the following:

PART NNNNN

‘

Sec. NNNNN-1. 36 MRSA c. 723 is enacted to read:

CHAPTER 723

ECONOMIC CRISIS ASSESSMENT

§ 4951. Definitions

As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings.

1. Gross receipts. "Gross receipts" means the total amount a nonprofit organization receives from all sources during its taxable year, without subtracting any costs or expenses.

2. Located in the State. "Located in the State" has the same meaning as in section 5206-D, subsection 11, paragraph D.

3. Nonprofit organization. "Nonprofit organization" means an organization that:

A. Is exempt from federal income tax under the Code, Section 501(a);

B. Has gross receipts of at least $200,000 at the end of the taxable year;

C. Has total assets of at least $500,000 at the end of the taxable year; and

D. Has land, buildings and equipment in this State the total value of which is more than $250,000.

4. Value. "Value" means the cost or other basis of all land, buildings and equipment held at the end of the taxable year reduced by the reported total amount of accumulated depreciation as determined by the assessor in accordance with the Code.

Other terms used in this chapter have the same meaning as when used in a comparable context in the laws of the United States relating to federal tax-exempt organizations, unless different meanings are clearly required.

§ 4952. Economic crisis assessment

For tax years beginning in 2012 and 2013, an economic crisis assessment is imposed on a nonprofit organization equal to 2% of the value in excess of $250,000 of the nonprofit organization’s land, buildings and equipment located in this State.

§ 4953. Assessment due date; filing of return and payment of assessment

1. Return required. Every nonprofit organization must file an economic crisis assessment return with the assessor on such forms as may be required by the assessor whenever an economic crisis assessment is due.

2. Date due. The economic crisis assessment return required by this section must be filed on or before the 15th day of the 5th month following the due date of the nonprofit organization's federal tax-exempt organization return without regard to any extension. Any assessment due under this chapter is due at the same time as the economic crisis assessment return.

3. Persons required to file return. The economic crisis assessment return of a nonprofit organization must be made and filed by an officer of the nonprofit organization.

§ 4954. Administration

Except as provided by this chapter, the economic crisis assessment imposed pursuant to section 4952 must be administered and enforced as though it were imposed under Part 8.

Sec. NNNNN-2. Appropriations and allocations. The following appropriations and allocations are made.

ADMINISTRATIVE AND FINANCIAL SERVICES, DEPARTMENT OF

Revenue Services, Bureau of 0002

Initiative: Provides funding for computer programming design and development of the new tax type for purposes of the Maine Revenue Integrated Tax System and associated data capture processing systems.

GENERAL FUND 2013-14 2014-15

All Other
$120,000 $0

inline graphic sline.gif

GENERAL FUND TOTAL $120,000 $0

Sec. NNNNN-3. Retroactivity. That section of this Part that enacts the Maine Revised Statutes, Title 36, chapter 723 applies retroactively to tax years beginning on or after January 1, 2012.’

Amend the amendment by relettering or renumbering any nonconsecutive Part letter or section number to read consecutively.

summary

This amendment enacts an economic crisis assessment on nonprofit organizations in this State that have gross receipts in excess of $200,000, total assets of at least $500,000 and land, buildings and equipment in this State the total value of which is more than $250,000. The assessment is equal to 2% of the value of the nonprofit organization’s land, buildings and equipment in this State that exceeds $250,000.

The amendment also adds an appropriations and allocations section.

FISCAL NOTE REQUIRED

(See attached)

HP1079 LD 1509	Session - 126th Maine Legislature "" to C "A", Filing Number , Sponsored by Lockman		LR 1046 Item 18
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GENERAL FUND	2013-14	2014-15
All Other	$120,000	$0

GENERAL FUND TOTAL	$120,000	$0