An Act To Promote Small Business in Maine
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 36 MRSA §655, sub-§1, ¶S, as amended by PL 2005, c. 652, §1 and affected by §3, is further amended to read:
S. Mining property as provided in section 2854; and
Sec. 2. 36 MRSA §655, sub-§1, ¶T, as enacted by PL 2005, c. 652, §1 and affected by, §3, is amended to read:
T. Trail-grooming equipment registered under Title 12, section 13113 . ; and
Sec. 3. 36 MRSA §655, sub-§1, ¶U is enacted to read:
U. The first $75,000 in value of any machinery, equipment, furnishings or like personal property owned and regularly used in the normal course of business by a small business in the State for or in connection with business operations, whether the small business is in the form of a sole proprietorship, a partnership, a limited liability company, an incorporated entity or any other form of business enterprise legally operated in the State. For the purposes of this paragraph, "small business" means any business operating in the State that meets the small business size standards set forth in the United States Small Business Administration's Table of Small Business Size Standards Matched to North American Industry Classification System Codes and codified in 13 Code of Federal Regulations, Section 121.
summary
This bill creates a personal property tax exemption for the first $75,000 in value of any machinery, equipment, furnishings or like personal property that is owned and regularly used in the normal course of business by any small business operating in the State in any legal form. The bill also provides a definition of "small business" for the purpose of determining eligibility for the exemption, using the small business size standards developed by the United States Small Business Administration and codified in 13 Code of Federal Regulations, Section 121.