| | Emergency preamble. Whereas, Acts of the Legislature do not become | effective until 90 days after adjournment unless enacted as | emergencies; and |
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| | Whereas, changes in the business equipment tax reimbursement | program must take effect before April 1, 2001 in order to apply | to the property tax year that begins on that date; and |
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| | Whereas, in the judgment of the Legislature, these facts create | an emergency within the meaning of the Constitution of Maine and | require the following legislation as immediately necessary for | the preservation of the public peace, health and safety; now, | therefore, |
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| Be it enacted by the People of the State of Maine as follows: |
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| | Sec. 1. 36 MRSA §6651, sub-§3, as enacted by PL 1995, c. 368, Pt. | FFF, §2, is amended to read: |
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| | 3. Qualified business property first placed in service on or | before April 1, 2001. "Qualified For property first placed in | service on or before April 1, 2001, "qualified business property" | means tangible personal property that: |
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| A. Is used or held for use exclusively for a business | purpose by the person in possession of it or, in the case of | construction in progress or inventory parts, is intended to | be used exclusively for a business purpose by the person who | will possess that property; and |
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| (1) Was subject to an allowance for depreciation under | the Code on April 1st of the property tax year to which | the claim for reimbursement relates or would have been | subject to an allowance for depreciation under the Code | as of that date but for the fact that the property has | been fully depreciated; or |
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| (2) In the case of construction in progress or | inventory parts, would be subject under the Code to an | allowance for depreciation when placed in service or | would have been subject to an allowance for | depreciation under the Code as of that date but for the | fact that the property has been fully depreciated. |
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| "Qualified business property" also includes all property that is | affixed or attached to a building or other real estate if it is | used to further a particular trade or business activity taking |
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