§5219-R. Credit for rehabilitation of historic properties
(REALLOCATED FROM TITLE 36, SECTION 5219-Q)
1. Credit allowed. A taxpayer is allowed a credit against the tax imposed under this Part equal to the amount of credit claimed by the taxpayer for the taxable year under Section 47 of the Code with respect to expenditures incurred after December 31, 1999 for a certified historic structure located in the State. The credit is nonrefundable and is limited to $100,000 annually per taxpayer. A credit received under this section is subject to the same recapture provisions, as apply to a credit received under Section 47 of the Code and to any available federal carry-back or carry-forward provisions. A credit may not be claimed under this subsection for expenditures incurred after December 31, 2007.
[PL 2007, c. 539, Pt. WW, §3 (AMD).]
2. Credit refundable in certain cases. Notwithstanding subsection 1, a taxpayer that is a national historic landmark developer is allowed a refundable credit in an amount equal to the credit determined by the taxpayer under Section 47 of the Code for the taxable year. The refundable credit allowed by this subsection is in lieu of the credit that is allowed to the taxpayer by subsection 1 or that would otherwise be passed through to its partners or shareholders, if any. The credit is allowed only for tax years that begin on or after January 1, 2009 but before January 1, 2013. The credit may not exceed $500,000 per year, and unused credit amounts may be carried forward only through the 2012 tax year. In the event that more than one national historic landmark developer qualifies for the refundable credit allowed by this subsection, the maximum annual credit amount and credit carry-forward limitations established by this subsection apply to all such developers collectively, and if necessary the State Tax Assessor shall prorate the credits between those developers based on their respective share of qualified expenses incurred. For the purposes of this subsection, "national historic landmark developer" means a person that owns 2 or more structures located in the Kennebec Arsenal District National Historic Landmark.
[PL 2009, c. 1, Pt. Z, §1 (AMD); PL 2009, c. 1, Pt. Z, §2 (AFF).]
3. Credit for certain local historic landmark developers; Lockwood Mill Historic District. Notwithstanding subsection 1, a taxpayer that is entitled to a credit under Section 47 of the Code for building Number 2 located in the Lockwood Mill Historic District in the City of Waterville is allowed a refundable credit in an amount equal to the credit determined by the taxpayer under Section 47 of the Code for the taxable year. The refundable credit allowed by this subsection is in lieu of the credit that is allowed to the taxpayer by subsection 1 or that would otherwise be passed through to its partners or shareholders, if any. The credit is allowed only for tax years that begin on or after January 1, 2008 but before January 1, 2014. The credit allowed for a calendar year must be prorated among tax years based on the respective number of days of the tax year in the calendar year and may not exceed $1,000,000 annually. A taxpayer's unused credit amounts may be carried forward only through the 2013 tax year. In the event that more than one taxpayer qualifies for the refundable credit allowed by this subsection, the maximum annual credit amount and credit carry-forward limitations established by this subsection apply to all such taxpayers collectively, and if necessary the State Tax Assessor shall prorate the credits among those taxpayers based on their respective shares of incurred qualified rehabilitation expenditures.
[PL 2007, c. 240, Pt. NNNN, §1 (NEW).]
4. Credit fund. Beginning July 1, 2009, the following revenues attributable to historic rehabilitation for which a credit is claimed under this section must be transferred monthly by the State Controller to the historic rehabilitation credit fund that is established in this subsection:
A. Taxes paid under Part 3 on sales or use made for purposes of the construction portion of an eligible historic rehabilitation project; and [PL 2007, c. 614, §1 (NEW).]
B. Taxes paid under chapter 711‑A on the transfer of real estate that is included in the project when the transfer occurred no more than one year before the federal certification of an eligible historic rehabilitation project. [PL 2007, c. 614, §1 (NEW).]
By the 15th day of each month, the State Tax Assessor shall notify the State Controller of the amounts to be transferred to the historic rehabilitation credit fund for the previous month. By the end of each fiscal year, the State Tax Assessor shall notify the State Controller of the total value of all credits determined under this section for tax years ending in the preceding calendar year, and the State Controller shall transfer that amount to the General Fund to the extent that resources are available in the fund. The State Tax Assessor shall submit an annual report by January 15th identifying the amounts transferred into and out of the fund under this subsection.
[PL 2007, c. 614, §1 (NEW).]
SECTION HISTORY
RR 1999, c. 1, §50 (RAL). PL 1999, c. 708, §48 (AMD). PL 2001, c. 526, §5 (AMD). PL 2001, c. 526, §6 (AFF). PL 2005, c. 519, §H1 (RPR). PL 2007, c. 240, Pt. NNNN, §1 (AMD). PL 2007, c. 539, Pt. WW, §3 (AMD). PL 2007, c. 614, §1 (AMD). PL 2009, c. 1, Pt. Z, §1 (AMD). PL 2009, c. 1, Pt. Z, §2 (AFF).
Structure Maine Revised Statutes
36 §5213. New jobs credit (REPEALED)
36 §5213-A. Sales tax fairness credit
36 §5214. Legislative findings and purpose (REPEALED)
36 §5214-A. Credit to beneficiary for accumulation distribution
36 §5215. Jobs and investment tax credit
36 §5216-A. Credit for investment in the Maine Natural Resource Capital Company (REPEALED)
36 §5216-B. Seed capital investment tax credit
36 §5216-C. Contributions to family development account reserve funds (REPEALED)
36 §5216-D. Maine Fishery Infrastructure Investment Tax Credit Program (REPEALED)
36 §5217. Employer-assisted day care
36 §5217-A. Income tax paid to other taxing jurisdiction
36 §5217-B. Employer-provided long-term care benefits (REPEALED)
36 §5217-C. Employer-provided long-term care benefits on and after January 1, 2000
36 §5217-D. Credit for educational opportunity
36 §5217-E. Student Loan Repayment Tax Credit
36 §5218. Income tax credit for child care expenses
36 §5218-A. Income tax credit for adult dependent care expenses
36 §5219. Income tax credit for installation of renewable energy systems (REPEALED)
36 §5219-A. Retirement and disability credit (REPEALED)
36 §5219-B. Conformity credit (REPEALED)
36 §5219-C. Forest management planning income credits (REPEALED)
36 §5219-D. Solid waste reduction investment tax credit (REPEALED)
36 §5219-E. Investment tax credit (REPEALED)
36 §5219-F. Reclaimed wood waste and cedar waste credit (REPEALED)
36 §5219-H. Application of credits against taxes
36 §5219-I. Nursing home care credit (REPEALED)
36 §5219-J. Catastrophic health expense credit (REPEALED)
36 §5219-K. Research expense tax credit
36 §5219-L. Super credit for substantially increased research and development
36 §5219-M. High-technology investment tax credit
36 §5219-N. Low-income tax credit (REPEALED)
36 §5219-O. Credit for dependent health benefits paid
36 §5219-P. Clean fuel vehicle economic and infrastructure development (REPEALED)
36 §5219-Q. Quality child care investment credit
36 §5219-S. Earned income credit
36 §5219-U. Educational attainment investment tax credit (REPEALED)
36 §5219-V. Recruitment credit (REPEALED)
36 §5219-W. Pine Tree Development Zone tax credit
36 §5219-X. Biofuel commercial production and commercial use
36 §5219-Y. Certified visual media production credit
36 §5219-Z. Tax credit for pollution-reducing boilers (REPEALED)
36 §5219-AA. Community wind power generator credit (REPEALED)
36 §5219-BB. Credit for rehabilitation of historic properties after 2007
36 §5219-CC. Community wind power generator credit (REPEALED)
36 §5219-FF. Credit for wellness programs
36 §5219-GG. Maine capital investment credit
36 §5219-HH. New markets capital investment credit
36 §5219-II. Property tax fairness credit
36 §5219-JJ. Maine capital investment credit for 2013 (REALLOCATED FROM TITLE 36, SECTION 5219-II)
36 §5219-KK. Property tax fairness credit for tax years beginning on or after January 1, 2014
36 §5219-LL. Primary care access credit (REALLOCATED FROM TITLE 36, SECTION 5219-KK)
36 §5219-MM. Maine capital investment credit for 2014
36 §5219-NN. Maine capital investment credit for 2015 and after
36 §5219-OO. Credit for disability income protection plans in the workplace
36 §5219-PP. Credit for certain homestead modifications
36 §5219-QQ. Credit for major business headquarters expansions
36 §5219-RR. Tax credit for Maine shipbuilding facility investment
36 §5219-SS. Dependent exemption tax credit
36 §5219-UU. Employer credit for family and medical leave
36 §5219-VV. Credit for major food processing and manufacturing facility expansion
36 §5219-WW. Credit for affordable housing
36 §5219-XX. Renewable chemicals tax credit
36 §5219-YY. Credit for paper manufacturing facility investment
36 §5219-ZZ. Access to justice credit (REALLOCATED FROM TITLE 36, SECTION 5219-YY)