Sec. 1. 36 MRSA §4712, as enacted by PL 1987, c. 513, §10, is amended to read:

§4712. Rate of tax

An excise tax of $1.20 40¢ per bushel of mahogany quahogs is levied upon the dealer and imposed at the point of first sale of this species.

Sec. 2. 36 MRSA §4715, as amended by PL 1991, c. 376, §61, is further amended to read:

§4715. Dealer reports of purchases and payment of taxes

Every dealer shall keep, as a part of permanent records, a record of all mahogany quahogs purchased at point of first sale. These records must be open for inspection by the State Tax Assessor at all times. Every dealer shall, on or before the last day of each month, render a report to the State Tax Assessor, stating the number of bushels purchased by the dealer during the preceding calendar month, on forms to be furnished by the State Tax Assessor, and, at the same time, shall pay to the State Tax Assessor the tax of $1.20 40¢ per bushel on all mahogany quahogs reported as purchased. If it appears to the State Tax Assessor from inspection of records or otherwise that an additional tax is due or overpayment of tax has been made, additional assessments or refunds must be made by the State Tax Assessor to the dealer.

Sec. 3. 36 MRSA §4718, as enacted by PL 1991, c. 561, §2, is amended to read:

§4718. Contributions

The State Tax Assessor shall determine annually the total amount of tax revenue collected under this chapter. The State Tax Assessor shall deduct the cost of administering the mahogany quahog tax from those revenues and report the remainder to the Treasurer of State, who shall credit that amount to the Toxin Monitoring Fund established in Title 12, section 6731-A, subsection 5, except that not more than $16,000 may be credited to the fund in any year. Revenues collected that are in excess of $16,000 must be credited to the General Fund Department of Marine Resources for a special fund to be dedicated to the mahogany quahog industry regarding research, sales and health of the resource.