| 2.__Credit refundable in certain cases.__Notwithstanding |
subsection 1, a taxpayer that is a national historic landmark |
developer is allowed a refundable credit in an amount equal to |
the credit determined by the taxpayer under Section 47 of the |
Code for the taxable year.__The refundable credit allowed by this |
subsection is in lieu of the credit that is allowed to the |
taxpayer by subsection 1 or that would otherwise be passed |
through to its partners or shareholders, if any.__The credit is |
allowed only for tax years that begin on or after January 1, 2007 |
but before January 1, 2011.__The credit may not exceed $500,000 |
per year, and unused credit amounts may be carried forward only |
through the 2010 tax year.__In the event that more than one |
national historic landmark developer qualifies for the refundable |
credit allowed by this subsection, the maximum annual credit |
amount and credit carry-forward limitations established by this |
subsection apply to all such developers collectively, and if |
necessary the State Tax Assessor shall prorate the credits |
between those developers based on their respective share of |
qualified expenses incurred.__For the purposes of this |
subsection, "national historic landmark developer" means a person |
that owns 2 or more structures located in the Kennebec Arsenal |
District National Historic Landmark. |