| | |
to disqualify an exemption and does not prevail in that appeal, the | | local taxing jurisdiction must issue a supplemental assessment with | | respect to the property at issue within 90 days after the appeal | | has been resolved in the bureau's favor.__The taxpayer may not | | appeal that supplemental assessment except as to issues unrelated | | to the applicability of the exemption.__Notwithstanding any other | | provision of law, if a taxpayer appeals a decision of the bureau | | that an exemption was improperly or erroneously approved and the | | taxpayer prevails in that appeal, the bureau shall promptly restore | | any reimbursement to the municipality that was not made or was set | | off or otherwise denied the municipality under section 697. |
|
| | | §699.__Legislative findings |
|
| | | The Legislature finds that encouragement of the growth of | | capital investment in this State is in the public interest and | | promotes the general welfare of the people of the State.__The | | Legislature further finds that the high cost of owning qualified | | business property in this State is a disincentive to the growth | | of capital investment in this State. The Legislature further | | finds that the tax exemption set forth in this subchapter is a | | reasonable means of overcoming this disincentive and will | | encourage capital investment in this State. |
|
| | | Sec. B-2. 36 MRSA §6651, sub-§1, as amended by PL 2001, c. 396, §43, | | is further amended to read: |
|
| | | 1. Eligible property. "Eligible property" means qualified | | business property first placed in service in the State, or | | constituting construction in progress commenced in the State, | | after April 1, 1995, but does not include property that qualifies | | for exemption pursuant to chapter 105, subchapter 4-C. "Eligible | | property" includes, without limitation, repair parts, replacement | | parts, additions, accessions and accessories to other qualified | | business property placed in service on or before April 1, 1995 if | | the part, addition, accession or accessory is first placed in | | service, or constitutes construction in progress, in the State | | after April 1, 1995, unless such property qualifies for exemption | | pursuant to chapter 105, subchapter 4-C. "Eligible property" | | also includes inventory parts. |
|
| | | Part A increases the existing low-income tax credit threshold | | from $2,000 to $4,750. Individuals with Maine taxable income of | | not more than the threshold are not required to file a Maine | | income tax return. The increase in the threshold applies to tax | | years beginning after 2004 and is funded through tax year |
|
|
