| 1. Generally. A person against whom taxes have been assessed |
| pursuant to Part 2, except for chapters 111 and 112, with respect |
| to eligible property and who has paid those taxes is entitled to |
| reimbursement of those taxes from the State as provided in this |
| chapter. The amount of reimbursement is limited to 70% of the |
| amount by which the taxes paid with respect to the eligible |
| property exceeds the amount that has been 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. For purposes of this chapter, a tax applied as a |
| credit against a tax assessed pursuant to chapter 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, |
| 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 |
