| | | must be treated as the investors under this section and are | | allowed a credit against the tax otherwise due from them under | | this Part in proportion to their respective interests in those | | partnerships, limited liability companies, S corporations, trusts | | or other flow-through entities. Except as limited or authorized | by subsection 3 or 4, for credit certificates issued and | investments made after June 30, 2002 but before July 1, 2003 and | after June 30, 2005, | | taxable year the investment is made and 25% per year must be | taken in each of the next 3 taxable years. Except as limited or | authorized by subsection 3 or 4, for credit certificates issued | after June 30, 2003 but before July 1, 2005, 15% of the credit | must be taken in the first 6 years after the investment is made | and 10% in the 7th year after the investment is made. |
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| | | Sec. E-9. 36 MRSA §6572, first ¶, as enacted by PL 2003, c. 20, Pt. AA, | | §4, is amended to read: |
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| | | The assessor shall administer the 2003 Maine Tax Amnesty | | Program. The amnesty program applies to tax liabilities | delinquent as of April 16 | | which a return has not been filed. A taxpayer may participate in | | the tax amnesty program whether or not the taxpayer is under | | audit and without regard to whether the amount due is subject to | | a pending administrative or judicial proceeding, except that this | | does not include pending criminal action or debts for which the | | State has secured a warrant or civil judgment in its favor in | | Superior Court. A taxpayer may participate in the tax amnesty | | program to the extent of the uncontested portion of an assessed | | liability. Participation in the program is conditioned upon the | | taxpayer's agreement to forgo the right to protest or pursue an | | administrative or judicial proceeding with regard to returns | | filed under the tax amnesty program or to claim any refund of | | money paid under the tax amnesty program. A taxpayer with a tax | | liability within the limitations of this chapter is absolved from | | criminal or civil prosecution or civil penalties plus 1/2 of the | | interest associated with any such liability except as otherwise | | provided in this chapter if the taxpayer: |
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| | | Sec. E-10. 36 MRSA §6574, as enacted by PL 2003, c. 20, Pt. AA, | | §4, is amended to read: |
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| | | The time period during which a 2003 amnesty return, described | in section 6575, may be filed is September 1, 2003 to October 31 | | November 30, 2003. |
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