Sec. AA-5. Preamnesty collections; legislative intent. The Legislature finds that it is in the best interest of the State and public welfare of the people of Maine to ensure that there is no delay in the payment of delinquent state tax liabilities as a result of the 2003 Maine Tax Amnesty Program. The Legislature further finds that many taxpayers are likely to defer payment of delinquent tax liabilities in order to take advantage of lower interest and penalty amounts available under the 2003 Maine Tax Amnesty Program. Therefore, to ensure the timely collection of state tax revenue prior to the effective date of the 2003 Maine Tax Amnesty Program, the Legislature encourages the State Tax Assessor to utilize the full extent of the State Tax Assessor's authority under the Maine Revised Statutes, Title 36, including the abatement of interest and penalty consistent with the provisions of the 2003 Maine Tax Amnesty Program.

Sec. AA-6. Application. Those sections of this Part that enact the Maine Revised Statutes, Title 36, section 5250-B, amend section 5251 and repeal and replace section 5253 apply to pass-through entity income of nonresidents sourced to Maine and earned on or after January 1, 2003.

PART BB

Sec. BB-1. 36 MRSA §683, sub-§1, as enacted by PL 1997, c. 643, Pt. HHH, §3 and affected by §10, is repealed and the following enacted in its place:

1.__Exemption amount.__Except for assessments for special benefits, the following values of the homestead of a permanent resident of this State who has owned a homestead in this State for the preceding 12 months are exempt from taxation:

A.__The estate up to the just value of $7,000 for homesteads with a just value of less than $125,000;