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100% of the property taxes assessed during the taxable year | against all of the machinery and equipment that constitutes | eligible property as defined in section 6651, subsection 1, | that machinery and equipment may not be included in the | investment credit base for that taxable year. The term | "taxable year" means the taxable year for income tax | purposes of the taxpayer. |
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| | | Sec. 3. 36 MRSA c. 915, as amended, is repealed. |
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| | | This bill repeals the Business Equipment Tax Reimbursement | | program, which provides reimbursement for personal property | | taxes paid on certain business property. |
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