Sec. 1. 5 MRSA §6207, sub-§4-A is enacted to read:

4-A.__Real estate transfer tax revenue.__The board must ensure that at least 25% of the revenue credited to the Land for Maine's Future Fund pursuant to Title 36, chapter 711-A be separately identified by the county in which the revenue was raised.__The board shall use funds from these separate county accounts for land acquisitions within the same county that transferred the revenue to the Land for Maine's Future Fund.__Any unobligated amount remaining in a county's account at the end of the fiscal year must carry forward to the next fiscal year for land purchases within the same county.

Sec. 2. 36 MRSA §4641-B, sub-§4, as amended by PL 2003, c. 20, Pt. V, §1, is further amended to read:

4. Distribution of State's share of proceeds. The State Tax Assessor shall pay all net receipts received pursuant to this section to the Treasurer of State, and shall at the same time provide the Treasurer of State with documentation showing the amount of revenues derived from the tax imposed by section 4641- A, subsection 1 by county and the amount of revenues derived from the tax imposed by section 4641-A, subsection 2. The Treasurer of State shall credit 1/2 of the revenues derived from the tax imposed by section 4641-A, subsection 1 to the General Land for Maine's Future Fund created in Title 5, section 6203 and shall monthly pay the remaining 1/2 of such revenues to the Maine State Housing Authority, which shall deposit the funds in the Housing Opportunities for Maine Fund created in Title 30-A, section 4853, except that in fiscal year 2003-04 and fiscal year 2004-05, $7,500,000 of the remaining 1/2 of those revenues must be transferred to the General Fund before any payments are made to the Maine State Housing Authority. The Treasurer of State shall provide to the State Planning Office the documentation identifying the county from which the revenues were derived. The Treasurer of State shall credit to the General Fund all of the revenues derived from the tax imposed by section 4641-A, subsection 2.

Sec. 3. Effective date. That section of this Act that amends the Maine Revised Statutes, Title 36, section 4641-B takes effect July 1, 2006.