| | |
5250-Q, subsection 6, including, but not limited to, a qualified | | Pine Tree Recreation Zone business that is required to file a | | combined report pursuant to section 5220, subsection 5, the Maine | | income tax liability of the qualified Pine Tree Recreation Zone | | business, and the affiliated members of its unitary group, if any, | | upon which the credit provided for in this section must be | | calculated based upon a pro forma determination.__The pro forma | | determination must be based on the assumptions that all of the | | business activities conducted by the qualified Pine Tree Recreation | | Zone business and the affiliated members of its unitary__group, if | | any, within this State constitute a unitary business and that only | | the qualified business activity conducted in the Pine Tree | | Recreation Zone is subject to tax imposed by this chapter.__The | | portion of the tax liability of the qualified Pine Tree Recreation | | Zone business and the affiliated members of its unitary group, if | | any, related to the business activity conducted in the Pine Tree | | Recreation Zone must be determined by use of a percentage, the | | numerator of which is the property value and the payroll for the | | taxable year directly attributed to the qualified recreation | | business activity of the business and the denominator of which is | | the statewide property value and payroll for the taxable year of | | the qualified recreation business and the members of its unitary | | group. |
|
| | | 3.__Sole proprietors and owners of pass-through entities.__In | | the case of a sole proprietor or the owner of a partnership, | | limited liability company, S corporation, trust or other entity | | that is treated as a pass-through entity for income tax purposes | | under the Code, the amount of the credit allowed under subsection | | 1 is the amount of tax otherwise due under this Part that relates | | to taxable income received by the sole proprietor or owner from | | the qualified Pine Tree Recreation Zone business, as defined in | | Title 30-A, section 5250-Q, subsection 8, as apportioned. |
|
| | | 4. Limitation.__The credit provided by this section may not be | | claimed for tax years beginning on or after January 1, 2019. |
|
| | | Emergency clause. In view of the emergency cited in the preamble, | | this Act takes effect when approved. |
|
| | | This bill establishes the Pine Tree Recreation Zone as the | | area of the State north and east of the Androscoggin River. | | Businesses that establish or expand within the Pine Tree | | Recreation Zone operations involving outdoor recreation, such as | | providing services or merchandise relating to guiding, hunting, | | fishing, skiing, snowboarding, snowmobiling or water sports, |
|
|
