LD 1400, Page 2 - 122th Legislature, FIRST REGULAR Session

111 or 112 is a tax assessed pursuant to chapter 111 or 112.

Eligible property is subject to reimbursement pursuant to this

chapter for up to 12 property tax years, but the 12 years must be

reduced by one year for each year during which a taxpayer included

the same property in its investment credit base under section 5219-

D, 5219-E or 5219-M and claimed the credit provided in one or more

of those sections on its income tax return, and reimbursement may

not be made for taxes assessed in a year in which one or more of

those credits is taken. A successor in interest of a person

against whom taxes have been assessed with respect to eligible

property is entitled to reimbursement pursuant to this section,

whether the tax was paid by the person assessed or by the

successor, as long as a transfer of the property in question to the

successor has occurred and the successor is the owner of the

property as of August 1st, of the year in which a claim for

reimbursement may be filed pursuant to section 6654. For purposes

of this paragraph, "successor in interest" includes the initial

successor and any subsequent successor. When an eligible successor

in interest exists, the successor is the only person to whom

reimbursement under this chapter may be made with respect to the

transferred property.

Sec. 6. 36 MRSA §6652, sub-§2-A is enacted to read:

2-A.__Limitation due to participation in tax increment
financing.__The reimbursement to which a taxpayer is entitled
under subsection 1 must be reduced by the amount of taxes on the
eligible property that have been returned, or will be returned,
to the taxpayer by a municipality due to the taxpayer's
participation in a municipal development district under Title 30-
A, chapter 206, subchapter 1.

Sec. 7. Application. This Act applies to applications for
reimbursement under the Business Equipment Tax Reimbursement
program that are filed on or after August 1, 2006.

SUMMARY

This bill reduces reimbursement under the Business Equipment
Tax Reimbursement, BETR, program to 90% of taxes paid and reduces
BETR program reimbursement by the amount of reimbursement under a
tax increment financing district.

The bill also increases the State's conformity with the
federal Internal Revenue Code by incorporating the federal
exemption amount into the state estate tax and by conforming to
the federal tax deductibility of health saving accounts.

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