Sec. 1. 10 MRSA §1080 is enacted to read:

§1080.__Tax credit

1.__Amount of credit.__A taxpayer who contributes funds to a family development account reserve fund is allowed a credit against the tax imposed by Title 36, chapter 803, excluding withholding tax imposed by Title 36, chapter 817 or 819 and Title 36, section 5250.__Contributions up to $50,000 per program contributor are eligible for the tax credit, which may not exceed 50% of the contribution amount.

The total tax credits authorized for program contributors to community development organizations pursuant to this section may not exceed $1,000,000 in any fiscal year.

2.__Assistance of account administrator.__Each community development organization that administers family development accounts shall submit the names of contributors and the total amount that each contributor contributes to a family development account reserve fund for the calendar year to the State Tax Assessor.

Sec. 2. 36 MRSA §5216-C is enacted to read:

§5216-C.__Contributions to family development account reserve

funds

1.__Credit allowed.__A taxpayer contributing funds to any family development account reserve fund as defined in Title 10, section 1075 is allowed a credit against the tax imposed by this Part equal to the lower of:

A.__Twenty-five thousand dollars; or

B.__Fifty percent of the amount contributed by the taxpayer.

2.__Department verification.__The Assessor shall verify all tax credit claims by contributors to family development account reserve funds as defined in Title 10, section 1075.__The administrator of each participating community development organization as defined in Title 10, section 1075 shall submit the names of contributors and the total amount each contributor contributes to a family development account reserve fund for the calendar year to the Assessor.__The commissioner shall determine the date by which that information must be submitted to the department by the administrator of each community development