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 49% of the revenue to the General Fund and 1% to the Land for Maine's Future Fund, established in Title 5, section 6203, 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 1% of the proceeds from the real estate transfer tax, which otherwise would be deposited in the General Fund, must be deposited in the Land for Maine's Future Fund in order to provide a continuing source of funding for the acquisition of public lands.