LD 1305
pg. 3
Page 2 of 9 An Act To Encourage Long-term Holding of Maine Timberland and Sustainable Fores... Page 4 of 9
Download Bill Text
LR 1758
Item 1

 
(2)__The following amounts must be subtracted from
federal adjusted gross income:

 
(a) For eligible timberlands held by the taxpayer
for at least a 10-year period__beginning on or
after January 1, 2005 but less than an 11-year
period beginning on or after January 1, 2005, 10%
of the gain recognized on the sale of the eligible
timberlands;

 
(b) For eligible timberlands held by the taxpayer
for at least an 11-year period__beginning on or
after January 1, 2005 but less than a 12-year
period beginning on or after January 1, 2005, 20%
of the gain recognized on the sale of the eligible
timberlands;

 
(c)__For eligible timberlands held by the taxpayer
for at least a 12-year period__beginning on or
after January 1, 2005 but less than a 13-year
period beginning on or after January 1, 2005, 30%
of the gain recognized on the sale of the eligible
timberlands;

 
(d)__For eligible timberlands held by the taxpayer
for at least a 13-year period__beginning on or
after January 1, 2005 but less than a 14-year
period beginning on or after January 1, 2005, 40%
of the gain recognized on the sale of the eligible
timberlands;

 
(e)__For eligible timberlands held by the taxpayer
for at least a 14-year period__beginning on or
after January 1, 2005 but less than a 15-year
period beginning on or after January 1, 2005, 50%
of the gain recognized on the sale of the eligible
timberlands;

 
(f)__For eligible timberlands held by the taxpayer
for at least a 15-year period__beginning on or
after January 1, 2005 but less than a 16-year
period beginning on or after January 1, 2005, 60%
of the gain recognized on the sale of the eligible
timberlands;

 
(g)__For eligible timberlands held by the taxpayer for at least a
16-year period__beginning on or after January 1, 2005 but less
than a 17-year period beginning on or after January 1, 2005, 70%


Page 2 of 9 Top of Page Page 4 of 9