Sec. G-1. 36 MRSA §5219-M, sub-§1, ¶E is enacted to read:

E.__"Qualified lessor" means a person that leases or subleases eligible equipment to a person that is engaged primarily in high technology activity, but only when:

(1) The eligible equipment is used primarily in the high technology activity engaged in by the lessee or sublessee;

(2) The lessor derived aggregate total lease payments from personal property of at least 3 times the total payments received from eligible equipment during the taxable year; and

(3) The lease or sublease upon which the credit is based qualifies as a lease of property for federal income tax purposes under the guidelines contained in Revenue Procedure 2001-28 of the United States Department of the Treasury, Internal Revenue Service.

Sec. G-2. 36 MRSA §5219-M, sub-§1-A, ¶B, as amended by PL 2001, c. 358, Pt. M, §3 and affected by §6, is further amended to read:

B. When a qualified lessor or sublessor provides the assessor with satisfactory evidence that the lessee or sublessee, respectively, of eligible equipment has waived its right to claim a credit under this section that the lessee or sublessee it is otherwise entitled to claim with respect to that equipment:

(1) A person qualified lessor that purchases and leases eligible equipment to another person engaged primarily in high technology activity for use by that person in that activity may claim a credit in the amount of that person's the lessee's investment credit base to the extent of the credits waived by the lessee, net of any lease payments received for the eligible equipment in the taxable year, subject to the limitations provided by subsection 4; and

(2) A person qualified lessor that leases and subleases eligible equipment to another person engaged primarily in high technology activity for use by that person in that activity may claim a credit in the amount of the lease payments made on the eligible