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129th MAINE LEGISLATURE |
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LD 873 |
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LR 2173(03) |
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An Act To Clarify
the Application of the Motor Vehicle Excise Tax to Water Well Drilling
Equipment |
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Fiscal Note for
Bill as Engrossed with:
C "A" (H-442) |
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Committee: Taxation |
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Fiscal Note |
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Potential current biennium revenue decrease - General Fund
Potential current biennium revenue decrease - Local Government Fund |
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Fiscal Detail
and Notes |
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This bill would
exempt water well-drilling equipment from the motor vehicle excise tax and
therefore it would become eligible for assessment of property taxes. If the business is also eligible for either
the Business Equipment Tax Reimbursement (BETR) or Business Equipment Tax
Exemption (BETE) programs, reimbursements to taxpayers or municipalities
would be increased. No estimate of any
potential increase has been made. |
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The bill would
decrease municipal excise tax revenues.
However, some of this reduction could be made up by the assessment of
property taxes. No estimate has been
made at this time. |
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