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states the amount of all sales subject to tax under this chapter | | made during the preceding calendar month and any other | | information the State Tax Assessor requires.__The State Tax | | Assessor may permit the filing of returns other than monthly. |
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| | | 2. Payment of tax.__The tax imposed under this chapter must | | be paid at the same time as the report of sales is required | | under subsection 1. |
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| | | 3.__Personal Exemption Reduction Fund.__After deducting the | | cost of administering this chapter, the State Tax Assessor | | shall deposit all revenue received under this chapter in the | | Personal Exemption Reduction Fund, which is created for the | | purpose of reducing the personal exemption provided by section | | 5126.__By September 15th annually, the State Tax Assessor | | shall identify the amount of money in the fund and determine | | the amount by which the personal exemption can be raised, | | rounded to the nearest $10, without exceeding the amount | | available in the fund.__The increased personal exemption | | determined under this section applies to tax years beginning | | in the year in which the determination is made.__The amount in | | the fund that is determined to be necessary to increase the | | personal exemption must be transferred to the General Fund by | | September 30th annually. |
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| | | The State Tax Assessor, in consultation with the Public | | Utilities Commission, may adopt rules necessary to implement | | this chapter.__Rules adopted pursuant to this section are | | routine technical rules as defined in Title 5, chapter 375, | | subchapter 2-A. |
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| | | Sec. 3. 36 MRSA §5126, as amended by PL 2001, c. 583, §16, is | | further amended to read: |
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| | | §5126. Personal exemptions |
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| | | For income tax years beginning on or after January 1, 1998 | | but before January 1, 1999, a resident individual is allowed | | $2,400 for each exemption that the individual properly claims | | for the taxable year for federal income tax purposes, unless | | the taxpayer is claimed as a dependent on another return. For | | income tax years beginning on or after January 1, 1999 but | | before January 1, 2000, a resident individual is allowed | | $2,750 for each exemption that the individual properly claims | | for the taxable year for federal income tax purposes, unless | | the taxpayer is claimed as a dependent on another return. For | | income tax years beginning on or after January 1, 2000, a | | resident individual is allowed $2,850 for each exemption that | | the individual properly claims for the taxable year for | | federal income tax purposes, |
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