An Act To Clarify the Provisions of a Historic Preservation Tax Credit
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 36 MRSA §5219-BB, sub-§4, as amended by PL 2011, c. 548, §31, is repealed and the following enacted in its place:
4. Maximum credit. The credit allowed pursuant to this section and section 2534 may not exceed the greater of:
A. Five million dollars for the portion of a certified rehabilitation as defined by the Code, Section 47(c)(2)(C) placed in service in the State in the taxable year; and
B. Five million dollars for each building that is a component of a certified historic structure for which a credit is claimed under this section.
Sec. 2. Application. That section of this Act that repeals and replaces the Maine Revised Statutes, Title 36, section 5219-BB, subsection 4 applies to credits for which the first credit installment under Title 36, section 5219-BB, subsection 5 is claimed on a return filed for a tax year beginning on or after January 1, 2014.
Effective 90 days following adjournment of the 126th Legislature, Second Regular Session, unless otherwise indicated.