| | |
| 4. Total of credits authorized. The authority may issue tax | | credit certificates to investors eligible pursuant to subsections 2 | | and 2-A in an aggregate amount not to exceed $2,000,000 up to and | | including calendar year 1996, $3,000,000 up to and including | | calendar year 1997, $5,500,000 up to and including calendar year | | 1998, $8,000,000 up to and including calendar year 2001, | $11,000,000 up to and including calendar year 2002 | $14,000,000 up to and including calendar year 2003, $17,000,000 up | to and including calendar year 2004, | | including calendar year 2005, $23,000,000 up to and including | | calendar year 2006, $26,000,000 up to and including calendar year | | 2007 and $30,000,000 thereafter. The authority may provide that | | investors eligible for a tax credit under this section in a year | | when there is insufficient credit available are entitled to take | | the credit when it becomes available. |
|
| | | Sec. X-6. 36 MRSA §5216-B, sub-§2, as amended by PL 2001, c. 642, §11 | | and affected by §12, is further amended to read: |
|
| | | 2. Credit. An investor is entitled to a credit against the | | tax otherwise due under this Part equal to the amount of the tax | | credit certificate issued by the Finance Authority of Maine in | | accordance with Title 10, section 1100-T and as limited by this | | section. In the case of partnerships, limited liability | | companies, S corporations, nontaxable trusts and any other | | entities that are treated as flow-through entities for tax | | purposes under the Code, the individual partners, members, | | stockholders, beneficiaries or equity owners of such entities | | must be treated as the investors under this section and are | | allowed a credit against the tax otherwise due from them under | | this Part in proportion to their respective interests in those | | partnerships, limited liability companies, S corporations, trusts | | or other flow-through entities. Except as limited or authorized | | by subsection 3 or 4, for credit certificates issued and | | investments made after June 30, 2002 but before July 1, 2003 and | | after June 30, 2005, 25% of the credit must be taken in the | | taxable year the investment is made and 25% per year must be | | taken in each of the next 3 taxable years. Except as limited or | | authorized by subsection 3 or 4, for credit certificates issued | | after June 30, 2003 but before July 1, 2005, 15% of the credit | | must be taken in the first 6 years after the investment is made | | and 10% in the 7th year after the investment is made. |
|
| | | Sec. Y-1. P&SL 2001, c. 67, §1, sub-§2 is amended to read: |
|
|
