Sec. EEE-1. Telecommunications Personal Property Tax Reserve; established. There is established in the General Fund the Telecommunications Personal Property Tax Reserve. The purpose of this reserve is to accumulate funds to eliminate the practice of accruing revenue from the Telecommunications Personal Property Tax prior to the fiscal year in which the revenue is collected and the required prepayment of 1/2 of the estimated tax for the next year. Any funds remaining in the Telecommunications Personal Property Tax Reserve at the end of each fiscal year must be carried forward to be used for the same purposes. Expenditures may not be made from this reserve without further authorization of the Legislature.
Sec. EEE-2. Funding of Telecommunications Personal Property Tax Reserve. Notwithstanding any other provision of law, at the close of fiscal year 1998-99, the State Controller shall transfer from the unappropriated surplus of the General Fund an amount not to exceed $30,000,000 to the Telecommunications Personal Property Tax Reserve from the available balance remaining in the General Fund as the next priority after the State Contingent Account, as established in the Maine Revised Statutes, Title 5, section 1507, is replenished.
Sec. EEE-3. Report. The State Tax Assessor shall report to the Joint Standing Committee on Appropriations and Financial Affairs and the Joint Standing Committee on Taxation by January 14, 2000 on the financial status of the reserve and submit any implementing legislation to eliminate the practice of accruing the revenue from the Telecommunication Personal Property Tax prior to the fiscal year in which the revenue is collected and the requirement of prepaying 1/2 of the estimated tax for the next year.
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