| | | 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 II, §2, are repealed.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 II, §4, are repealed.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 | | 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 |
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