Sec. 1. 36 MRSA §5219-C, as repealed and replaced by PL 1991, c. 377, §20, is amended to read:

§5219-C. Forest management planning income credits

Once every 10 years, an individual is allowed a credit against the tax otherwise due under this Part for the lesser of $200 $300 or the individual's cost for having a forest management and harvest plan developed for a parcel of forest land greater than 10 acres. For purposes of this section, the licensed professional forester may not be in the regular employ of the individual. In no case may this credit reduce the state income tax to less than zero. Those taxpayers claiming this credit must attach a statement from the forester supporting the claim and swear that the credit has not been claimed by them in the previous 10 years. Those taxpayers deducting the cost of the forester as an expense under the Internal Revenue Code must reduce the expense by the amount of the credit. This credit may be used in any tax year beginning on or after January 1, 1989.

SUMMARY

This bill increases the allowable forest management and harvest plan income tax credit from $200 to $300.