Sec. 1. 36 MRSA §4641-B, last ¶, as amended by PL 1997, c. 759, §1 and affected by §2, is further amended to read:

The State Tax Assessor shall pay all net receipts to the Treasurer of State, who shall credit 1/2 of the revenue to the General Land for Maine's Future Fund, established in Title 5, section 6203, until July 1, 2009 when the Treasurer of State shall credit 1/2 of the revenue to the General Fund and who shall monthly pay the remaining 1/2 to the Maine State Housing Authority, which shall deposit the funds in the Housing Opportunities for Maine Fund created in Title 30-A, section 4853.

SUMMARY

This bill provides that until June 30, 2009, 45% of all receipts from the real estate transfer tax must be deposited in the Land for Maine's Future Fund. These funds must be used to acquire land and easements from willing sellers for public outdoor access and recreation, farmland preservation, land conservation and to protect wildlife habitat.

The Housing Opportunities for Maine Fund continues to receive a 45% share of real estate transfer tax receipts and counties continue to receive a 10% share of real estate transfer tax receipts.