Sec. W-1. 36 MRSA §457, sub-§2, as amended by PL 1991, c. 121, Pt. B, §2 and affected by §18, is further amended to read:
2. Tax imposed. A state tax is imposed on telecommunications personal property at the rate of 27 mills times the just value of the property for assessments made before December 31, 2002. Just value and ownership of the property must be determined as of the April 1st preceding the assessment. For assessments made after December 31, 2002, the rate of tax is:
A. For assessments made in 2003, 26 mills;
B. For assessments made in 2004, 25 mills;
C. For assessments made in 2005, 24 mills;
D. For assessments made in 2006, 23 mills;
E. For assessments made in 2007, 22 mills;
F. For assessments made in 2008, 21 mills; and
G. For assessments made in 2009 and subsequent years, 20 mills.
Sec. W-2. 36 MRSA §457, sub-§5-A, as amended by PL 1991, c. 846, §7, is repealed.
Sec. W-3. 36 MRSA §457, sub-§5-B is enacted to read:
5-B. Procedure. The tax on telecommunications personal property of a telecommunications business must be assessed and paid in accordance with this subsection.
A. The State Tax Assessor shall make the assessment by May 30th of each year.
B. For the 1999 tax year, a payment must be made no later than August 15, 1999 equal to the amount by which the 1999 gross tax assessment exceeds the estimated tax paid for that tax year.
C. For tax years subsequent to 1999, the tax assessment must be paid no later than the August 15th following the date of assessment.
D. The estimated prepayment made for the 2000 tax year must be applied to the 1999 gross tax assessment that must be made by August 15, 1999.
Sec. W-4. Retroactivity. Those sections of this Part that repeal the Maine Revised Statutes, Title 36, section 457, subsection 5-A and that enact section 457, subsection 5-B apply retroactively to tax payments due on August 15, 1999.
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