| | | resulting from the undercollection of sales and use tax when | | relying on erroneous data provided by the State Tax Assessor | | regarding tax rates, boundaries or taxing jurisdiction | | assignments or when relying on erroneous data provided by the | | assessor in a taxability matrix adopted by the governing board. |
|
| | | Sec. 36. 36 MRSA §1811, first ¶, as amended by PL 2001, c. 439, Pt. | | TTTT, §2 and affected by §3, is further amended to read: |
|
| | | A tax is imposed on the value of all tangible personal | | property and taxable services sold at retail in this State. The | rate of tax is 7% on the value of liquor sold in licensed | establishments as defined in Title 28-A, section 2, subsection | 15, in accordance with Title 28-A, chapter 43; 7% on the value of | rental of living quarters in any hotel, rooming house or tourist | or trailer camp; 10% on the value of rental for a period of less | than one year of an automobile; 7% on the value of prepared food; | | .25% on the value of all fuel, electricity and transmission and | | distribution of electricity purchased for use at a manufacturing | | facility and 5% on the value of all other tangible personal | | property and taxable services. Value is measured by the sale | | price, except as otherwise provided. |
|
| | | Sec. 37. 36 MRSA §1811-A, as amended by PL 1981, c. 706, §22, is | | further amended to read: |
|
| | | §1811-A. Credit for worthless accounts |
|
| | | The tax paid on sales represented by accounts charged off as | | worthless may be credited against the tax due on a subsequent | report filed within 3 years of the charge-off, but, if any such | accounts are thereafter collected by the retailer, a tax shall be | paid upon the amounts so collected | | provisions. |
|
| | | 1.__Definition.__For purposes of this section, a worthless | | account means a bad debt, as defined in Section 166 of the Code, | | adjusted to exclude finance charges or interest, sales or use | | taxes charged on the sale price, uncollectible amounts on | | property that remains in the possession of the seller until the | | full sale price is paid, expenses incurred in attempting to | | collect any debt and repossessed property. |
|
| | | 2. Period.__A credit may be taken on the return filed for the | | period during which a worthless account is written off as | | uncollectible in the claimant's books and records and is eligible | | to be deducted for federal income tax purposes.__A claimant who | | is not required to file federal income tax returns may claim the | | credit on a return filed for the period in which the worthless | | account is written off as uncollectible in the claimant's books |
|
|
