LD 798
pg. 1
LD 798 Title Page An Act to Redefine Property Subject to the Business Equipment Tax Reimbursement... Page 2 of 2
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LR 1300
Item 1

 
Emergency preamble. Whereas, Acts of the Legislature do not become
effective until 90 days after adjournment unless enacted as
emergencies; and

 
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

 
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,

 
Be it enacted by the People of the State of Maine as follows:

 
Sec. 1. 36 MRSA §6651, sub-§3, as enacted by PL 1995, c. 368, Pt.
FFF, §2, is amended to read:

 
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:

 
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

 
B. Either:

 
(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

 
(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.

 
"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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