An Act To Create a Credit under the Commercial Forestry Excise Tax for Landowners Using Businesses Based in the United States
Sec. 1. 36 MRSA §2729 is enacted to read:
§ 2729. Credit
For the purposes of this subsection, "based in the United States" means that a business maintains a bona fide place of business in the United States from which business operations in the United States are managed.
This bill provides a credit against the commercial forestry excise tax for landowners who are based in the United States and who employ and retain businesses or contractors that are based in the United States, that employ at least 75% United States residents and that are current in the payment of all state and local taxes. The bill also requires recapture of the credit if a recipient is found to have been ineligible.