| Be it enacted by the People of the State of Maine as follows: |
|
| | Sec. 1. 10 MRSA §1080 is enacted to read: |
|
| | 1.__Amount of credit.__A taxpayer who contributes funds to a | family development account reserve fund is allowed a credit | against the tax imposed by Title 36, chapter 803, excluding | withholding tax imposed by Title 36, chapter 817 or 819 and Title | 36, section 5250.__Contributions up to $50,000 per program | contributor are eligible for the tax credit, which may not exceed | 50% of the contribution amount. |
|
| The total tax credits authorized for program contributors to | community development organizations pursuant to this section may | not exceed $1,000,000 in any fiscal year. |
|
| | 2.__Assistance of account administrator.__Each community | development organization that administers family development | accounts shall submit the names of contributors and the total | amount that each contributor contributes to a family development | account reserve fund for the calendar year to the State Tax | Assessor. |
|
| | Sec. 2. 36 MRSA §5216-C is enacted to read: |
|
| §5216-C.__Contributions to family development account reserve |
|
| | 1.__Credit allowed.__A taxpayer contributing funds to any | family development account reserve fund as defined in Title 10, | section 1075 is allowed a credit against the tax imposed by this | Part equal to the lower of: |
|
| A.__Twenty-five thousand dollars; or |
|
| B.__Fifty percent of the amount contributed by the taxpayer. |
|
| | 2.__Department verification.__The Assessor shall verify all | tax credit claims by contributors to family development account | reserve funds as defined in Title 10, section 1075.__The | administrator of each participating community development | organization as defined in Title 10, section 1075 shall submit | the names of contributors and the total amount each contributor | contributes to a family development account reserve fund for the | calendar year to the Assessor.__The commissioner shall determine | the date by which that information must be submitted to the | department by the administrator of each community development |
|
|