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annually monitor all additional sales tax revenues collected, as | | well as the total annual cost of reimbursing the municipalities | | of the State, as provided for in this Part. By January 1, 2005 | | and every year thereafter, the committee shall report to the | | full Legislature on the amount collected and the full amount of | | reimbursement for the last fiscal year. Any such revenue | | collections in excess of the reimbursement obligation must be | | used to reduce the tax burden on citizens of the State and the | | joint standing committee having jurisdiction over taxation | | matters is authorized to report out legislation to accomplish | | the reduction in the tax burden. |
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| | | Sec. E-1. 36 MRSA §1811, first ¶, as amended by PL 2001, c. 439, Pt. | | TTTT, §2 and affected by §3, is further amended to read: |
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| | | A tax is imposed on the value of all tangible personal | | property and taxable services sold at retail in this State. | | The rate of tax is 7% on the value of liquor sold in licensed | | establishments as defined in Title 28-A, section 2, subsection | 15, in accordance with Title 28-A, chapter 43; 7% | | value of rental of living quarters in any hotel, rooming house | | or tourist or trailer camp; 10% on the value of rental for a | | period of less than one year of an automobile; 7% on the value | | of prepared food; and 5% on the value of all other tangible | | personal property and taxable services. Value is measured by | | the sale price, except as otherwise provided. |
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| | | Sec. F-1. 36 MRSA §6652, sub-§1, as amended by PL 2001, c. 396, §45, | | is further amended to read: |
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| | | 1. Generally. A person against whom taxes have been | | assessed pursuant to Part 2, except for chapters 111 and 112, | | with respect to eligible property and who has paid those taxes | | is entitled to reimbursement of those taxes from the State as | | provided in this chapter. The amount of reimbursement is | | limited to 70% of the amount by which the taxes paid with | | respect to the eligible property exceeds the amount that has | | been or will be returned to the taxpayer by a municipality due | | to the taxpayer's participation in a municipal development | | district under Title 30-A, chapter 206. For purposes of this | | chapter, a tax applied as a credit against a tax assessed | | pursuant to chapter 111 or 112 is a tax assessed pursuant to | | chapter 111 or 112. Eligible property is subject to | | reimbursement pursuant to this chapter for up to 12 property | | tax years, but the 12 years must be reduced by |
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