Amend the bill by striking out all of Parts A, B and C and inserting the following:
PART A
‘Sec. A-1. 5 MRSA §1518-A, as enacted by PL 2005, c. 2, Pt. A, §4 and affected by §14, is amended to read:
§ 1518-A. Tax Relief Fund for Maine Residents
1. Tax Relief Fund for Maine Residents. There is created the Tax Relief Fund for Maine Residents, referred to in this section as "the fund," which must be used to provide tax relief to residents of the State. The fund consists of all resources transferred to the fund under this section and section 1536 and other resources made available to the fund.
2. Nonlapsing fund. Any unexpended balance in the Tax Relief Fund for Maine Residents may fund does not lapse but must be is carried forward to be used pursuant to subsection 1.
3. Transfer from revenue growth. Beginning with fiscal year 2010-11, at the close of each fiscal year, the State Controller shall transfer to the fund any General Fund revenue received by the State for the fiscal year being closed that exceeds the amount of revenue received by the State for the previous fiscal year, adjusted by the growth limitation factor calculated under section 1534, subsection 2.
4. Income tax reduction. Amounts contained in the fund must be used to reduce individuals' income taxes. The State Tax Assessor shall present legislation annually to reduce the income tax burden pursuant to this section. This legislation must use any amounts contained in the fund to:
A. Reduce individual income tax rates until a top rate of 4.5% is reached; and
B. Increase the income threshold to $30,000, below which heads of households and married couples filing jointly pay no state income tax.
