Sec. 10. 36 MRSA §3218-A is enacted to read:

§3218-A.__Refunds of tax for fuel used by railroads

Beginning July 1, 2004, the assessor shall monitor the amount of refunds paid under section 3218 for fuel consumed by vehicles operating on rails and monitor the amount of use tax paid on fuel consumed by vehicles operating on rails under chapter 215.

Sec. 11. Review of taxes imposed on railroads; legislation. The Joint Standing Committee on Taxation shall review statutory provisions for taxes that apply to companies operating railroads in the State, consider the impact of these provisions and recommend revisions to the tax statutes to improve the viability of railroads operating in the State. The committee shall conduct the review and develop recommendations during interim meetings authorized by the presiding officers of the Legislature. The committee may report out a bill to the Second Regular Session of the 121st Legislature pertaining to taxation of companies operating railroads in Maine.

Sec. 12. Effective date. Those sections of this Act that amend the Maine Revised Statutes, Title 23, section 7103, subsection 1; Title 29-A, section 2602, subsection 4, paragraphs B and C; and Title 36, section 2625 take effect July 1, 2005. That section of this Act that enacts Title 36, section 1865 takes effect July 1, 2005. That section of this Act that repeals Title 36, section 2621-A, subsection 3, paragraph F takes effect July 1, 2005.