LD 1, Page 70 - 122th Legislature, FIRST REGULAR Session

	Part F directs the Maine State Housing Authority to create a tax
deferral program. The tax relief option in this section would
permit any Maine resident to defer property tax payments on a
principal residence, so that no Maine resident will have to pay
more than 6% of income in property taxes. The program must require
repayment, with interest, of deferred property tax amounts upon
transfer of the property. The program must provide for securing
the property tax payments deferred, consider equity in the property
and provide for low transaction costs and provide for ease of
application for program participants. The Maine State Housing
Authority and Maine Revenue Services must examine combining
administration of the tax deferral program and Maine Residents
Property Tax Program.

Part F eliminates the appropriation for the Business Equipment
Tax Reimbursement, "BETR," program and in its place creates the
Business Equipment Tax Reimbursement Reserve account, to which
transfers are made from General Fund undedicated revenue within
the individual income tax category in order to pay benefits under
the BETR program.

Part G provides that the appropriation limitations for
municipalities under Part C are applicable to plantations.

Part H establishes the goal of reducing the total state and
local tax burden to the national average in 10 years. It also
requires the Governor, in consultation with the Legislative
Council, to establish an independent commission to annually
assess and report to the Governor and Legislature on progress
toward the tax burden reduction goal.

Part H supports additional property tax reduction through
grants to municipalities and schools to create cost-saving
service delivery.

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