| | | any applicant for which that applicant is not applying for a | | tax credit certificate and except that, if the entity | | applying for a tax credit certificate is a partnership, | | limited liability company, S corporation, nontaxable trust | | or any other entity that is treated as a flow-through entity | | for tax purposes under the federal Internal Revenue Code, | | the aggregate limit of $500,000 or $200,000, as applicable, | | applies to each individual partner, member, stockholder, | | beneficiary or equity owner of the entity and not to the | | entity itself. This paragraph does not limit other | | investment by any applicant for which that applicant is not | | applying for a tax credit certificate. |
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| | | Sec. E-5. 10 MRSA §1100-T, sub-§4, as amended by PL 2003, c. 20, Pt. | | X, §5, is further amended to read: |
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| | | 4. Total of credits authorized. The authority may issue tax | | credit certificates to investors eligible pursuant to subsections | | 2 and 2-A in an aggregate amount not to exceed $2,000,000 up to | | and including calendar year 1996, $3,000,000 up to and including | | calendar year 1997, $5,500,000 up to and including calendar year | | 1998, $8,000,000 up to and including calendar year 2001, | $11,000,000 up to and including calendar year 2004 | | $14,000,000 up to and including calendar year 2003, $17,000,000 | | up to and including calendar year 2004, $20,000,000 up to and | | including calendar year 2005, $23,000,000 up to and including | | calendar year 2006, $26,000,000 up to and including calendar year | | 2007 and $30,000,000 thereafter. The authority may provide that | | investors eligible for a tax credit under this section in a year | | when there is insufficient credit available are entitled to take | | the credit when it becomes available. |
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| | | Sec. E-6. 36 MRSA §5122, sub-§1, ¶¶T and U, as enacted by PL 2003, c. | | 20, Pt. II, §2, are repealed. |
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| | | Sec. E-7. 36 MRSA §5200-A, sub-§1, ¶¶Q and R, as enacted by PL 2003, c. | | 20, Pt. II, §4, are repealed. |
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| | | Sec. E-8. 36 MRSA §5216-B, sub-§2, as amended by PL 2003, c. 20, Pt. | | X, §6, is further amended to read: |
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| | | 2. Credit. An investor is entitled to a credit against the | | tax otherwise due under this Part equal to the amount of the tax | | credit certificate issued by the Finance Authority of Maine in | | accordance with Title 10, section 1100-T and as limited by this | | section. In the case of partnerships, limited liability | | companies, S corporations, nontaxable trusts and any other | | entities that are treated as flow-through entities for tax | | purposes under the Code, the individual partners, members, | | stockholders, beneficiaries or | | equity owners of such entities |
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