| Be it enacted by the People of the State of Maine as follows: |
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| | Sec. 1. 36 MRSA §1811, as amended by PL 1995, c. 281 §§18 and 19 | and affected by §42, is further amended to read: |
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| | A tax is imposed on the value of all tangible personal | property and taxable services sold at retail in this State. The | rate of tax is 7% on the value of liquor sold in licensed | establishments as defined in Title 28-A, section 2, subsection | 15, in accordance with Title 28-A, chapter 43; 7% on the value of | rental of living quarters in any hotel, rooming house, tourist or | trailer camp; 10% on the value of rental for a period of less | than one year of an automobile; 7% on the value of prepared food | sold in establishments that are licensed for on-premises | consumption of liquor pursuant to Title 28-A, chapter 43; and 6% | 5 1/2% on the value of all other tangible personal property and | taxable services. Value is measured by the sale price, except as | otherwise provided. |
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| | The tax imposed upon the sale and distribution of gas, water | or electricity, or telephone or telegraph service, by any public | utility, the rates for which sale and distribution are | established by the Public Utilities Commission, shall must be | added to the rates so established. No tax shall may be imposed | upon the sale or use of electrical energy, or water stored for | the purpose of generating electricity, when the sale is to or by | a wholly owned subsidiary by or to its parent corporation, except | for electrical energy or water purchased for resale to or by such | wholly owned subsidiary. |
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| | On or before May 15th of each year, the State Budget Officer | shall present a final estimate of General Fund revenues for the | current fiscal year, taking into consideration an estimate of the | Revenue Forecasting Committee. If estimated General Fund | revenues for the current fiscal year exceed those of the prior | fiscal year by 8% 5% or more, on a base-to-base comparison | excluding one-time revenue gains and losses, revenue in an amount | equivalent to that generated by 0.5% of the tax on the sale of | personal property and taxable services taxed at a rate of 6% 5 | 1/2% on the effective date of this paragraph January 1, 1999 must | be transferred by the State Controller to the Maine Rainy Day | Fund as described in this section. |
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| | Each month following a fiscal year during which General Fund | revenues exceed those of the previous fiscal year by 8% 5% or | more, on a base-to-base comparison excluding one-time revenue | gains and losses, the State Controller shall transfer an amount | equivalent to that generated over the preceding month by 0.5% of | the tax on the sale of personal property and taxable services | taxed at a rate of 6% 5 1/2% on the effective date of this |
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