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certify to the State Controller the amount to be transferred to the | | Pine Tree Development Zone reimbursement reserve account | | established, maintained and administered by the State Controller | | from General Fund undedicated revenue within the sales tax | | category.__The assessor shall pay the certified amounts to each | | approved applicant qualifying for the benefit under this section | | within 30 days after receipt of a properly completed claim.__ | | Interest is not allowed on any payment made to a claimant pursuant | | to this section. |
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| | | Sec. 10. 36 MRSA §2529, sub-§1, ¶¶A and B, as amended by PL 2003, c. | | 688, Pt. D, §4, are repealed and the following enacted in their | | place: |
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| | | A.__One hundred percent of the tax that would otherwise be | | due under this chapter upon premiums that are attributable | | to a qualified business activity as defined in Title 30-A, | | section 5250-I, subsection 16 for each of the first 5 tax | | years beginning with the tax year in which the taxpayer | | commences its qualified business activity; and |
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| | | B.__Fifty percent of the tax that would otherwise be due | | under this chapter upon premiums that are attributable to a | | qualified business activity as defined in Title 30-A, | | section 5250-I, subsection 16 for each of the 5 tax years | | following the time period in paragraph A. |
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| | | Sec. 11. 36 MRSA §2529, sub-§2, as amended by PL 2003, c. 688, Pt. D, | | §4, is repealed and the following enacted in its place: |
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| | | 2.__Apportioned credit in certain circumstances.__In the case | | of a qualified Pine Tree Development Zone business as defined in | | Title 30-A, section 5250-I, subsection 17 that engages in both | | qualified and nonqualified business activities in the State, the | | credit provided for in this section is limited to that portion | | that is attributable to the qualified business activity.__The | | limitation is calculated by an apportionment.__The apportionment | | is determined by a fraction, the numerator of which is the | | property value plus the payroll for the taxable year attributed | | to the qualified business activity of the business and the | | denominator of which is the statewide property value plus payroll | | for the taxable year of the business. |
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| | | If the apportionment provisions of this subsection do not fairly | | reflect the amount of the credit associated with the taxpayer's | | qualified business activity, the taxpayer may petition for, or | | the State Tax Assessor may require, in respect to all or any part | | of the taxpayer's business activity, the employment of another | | reasonable method to effectuate an equitable apportionment of the |
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