An Act To Attract Investment to Loring Commerce Centre
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 5 MRSA §13080-Q, sub-§1, as enacted by PL 1995, c. 644, §2, is amended to read:
1. Fund to receive income tax revenues from job creation. Subject to the provisions of subsection 2 and section 13080-S, the fund must receive annually from the State 50% the amount of the employment tax increment determined in accordance with section 13080-S.
Sec. 2. 5 MRSA §13080-S, sub-§§1 and 2, as enacted by PL 1995, c. 644, §2, are amended to read:
1. Certification by authority. The authority shall certify annually to the assessor by September 30th October 31st of each year, beginning in 1997 2016, the following information:
A. Employment, payroll and state withholding data necessary to calculate the base level of employment;
B. The total number of employees added during the previous year within the base area above the base level of employment, including additional associated payroll and withholding data necessary to calculate the gross employment tax increment and establish the appropriate payment to the fund;
C. A listing of all employers within the base area that pay withholding taxes, the locations of those employers and the number of employees at each location; and
D. A listing of all affiliated businesses and affiliated groups, data regarding current employment, payroll and state income withholding taxes for each affiliated business within the base area.
2. Approval of payment. Upon receipt of the information required by this section, the assessor shall review the information in a timely fashion by December 1st immediately following receipt of the information and shall determine the amount of the employment tax increment. If the assessor determines that the requirements of this article are satisfied, the assessor shall approve payment to the fund.
Sec. 3. 5 MRSA §13080-S, sub-§3, as amended by PL 2009, c. 571, Pt. LL, §1, is further amended to read:
3. Deposit and payment of revenue. On or before July 15th of each year, if the approval of the assessor has been issued pursuant to subsection 2, the Commissioner of Administrative and Financial Services shall deposit an amount equal to 50% of the employment tax increment for the preceding year into a contingent account established, maintained and administered by the Commissioner of Administrative and Financial Services State Controller. On or before July 31st of each year, the Commissioner of Administrative and Financial Services assessor shall pay that amount to the fund.
Sec. 4. 5 MRSA §13080-S, sub-§4 is enacted to read:
4. Additional deposit and payment of revenue in December 2016. On or before December 15, 2016, the assessor shall deposit an amount equal to 50% of the employment tax increment for the preceding year into a contingent account established, maintained and administered by the State Controller. On or before December 31, 2016, the assessor shall pay that amount to the fund.
Sec. 5. Effective date. This Act takes effect August 1, 2016.
Effective 90 days following adjournment of the 127th Legislature, Second Regular Session, unless otherwise indicated.