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based upon its charitable, nonprofit or other public purposes does | | not apply where title is held or taken by the person as security | | for any financing arrangement. An exemption certificate issued by | | the State Tax Assessor pursuant to section 2557 must identify the | | exempt activity and must state that the certificate may be used by | | the holder only when purchasing services intended to be used by the | | holder primarily in the exempt activity. When an otherwise | | qualifying person is engaged in both exempt and nonexempt | | activities, an exemption certificate may be issued to the person | | only if the person has established to the satisfaction of the | | assessor that the applicant has adequate accounting controls to | | limit the use of the certificate to exempt purchases. |
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| | | Sec. 14. 36 MRSA §3204-B, sub-§4 is enacted to read: |
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| | | 4. Venue.__A violation of this section is deemed to have been | | committed in part at the principal office of the assessor. | | Prosecution under this section may be in the county where the act | | to which the proceeding relates occurred or in Kennebec County. |
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| | | Sec. 15. 36 MRSA §4062, sub-§2-A, as enacted by PL 2005, c. 12, Pt. N, | | §2 and affected by §4, is amended to read: |
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| | | 2-A. Maine elective property. "Maine elective property" | | means all property in which the decedent at the time of death had | | a qualified income interest for life and with respect to which, | | for purposes of determining the tax imposed by this chapter on | | the estate of a predeceased spouse of the decedent, the federal | taxable estate of such | | pursuant to subsection 1-A, paragraph A, subparagraph (3). The | value of Maine elective property is the value finally | | by the assessor in accordance with the Code as if such property | | were includible in the decedent's federal gross estate pursuant | | to the Code, Section 2044 and, in the case of estates that do not | | incur a federal estate tax, as if the estate had incurred a | | federal estate tax. |
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| | | Sec. 16. 36 MRSA §4062, sub-§2-B, śC, as enacted by PL 2005, c. 12, Pt. | | N, §2 and affected by §4, is amended to read: |
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| | | C. With respect to which an election is made, on a return filed | | timely with the State Tax Assessor, to treat the property as | | Maine qualified terminable interest property for purposes of the | | tax imposed by this chapter. The amount of property with respect | | to which such election is made may not be greater than the | | amount, if any, by which the applicable exclusion amount | | determined as of the date of the decedent's death using the Code, | | Section 2010(c) in effect on that date exceeds the applicable | | exclusion amount determined as of the date of the decedent's | | death using the Code, Section 2010(c) |
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