| | |
credit associated with the taxpayer's qualified business activity. |
|
| | | Sec. 12. 36 MRSA §2529, sub-§4 is enacted to read: |
|
| | | 4.__Definitions.__As used in this section, unless the context | | otherwise indicates, the following terms have the following | | meanings. |
|
| | | A.__"Property" means the average value of the taxpayer's | | real and tangible personal property that is owned or rented | | and used during the tax period.__Property owned by the | | taxpayer is valued at its original cost.__Property rented by | | the taxpayer is valued at 8 times the net annual rental | | rate.__The net annual rental rate is the annual rental rate | | paid by the taxpayer. |
|
| | | B.__"Payroll" means the total amount paid in this State | | during the tax period by the taxpayer for compensation, | | including wages, pretax employee contributions made to a | | benefit package and employer contributions made to an | | employee benefit package. |
|
| | | Sec. 13. 36 MRSA §5219-W, sub-§1, ¶¶A and B, as amended by PL 2003, c. | | 688, Pt. D, §5, are repealed and the following enacted in their | | place: |
|
| | | A. One hundred percent of the tax that would otherwise be | | due under this Part for each of the first 5 tax years | | beginning with the tax year in which the taxpayer commences | | its qualified business activity, as defined in Title 30-A, | | section 5250-I, subsection 16; and |
|
| | | B.__Fifty percent of the tax that would otherwise be due | | under this Part for each of the 5 tax years following the | | time period in paragraph A. |
|
| | | Sec. 14. 36 MRSA §5219-W, sub-§2, as amended by PL 2003, c. 688, Pt. | | D, §5, is repealed and the following enacted in its place: |
|
| | | 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 this 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 |
|
|
