Sec. 1. 36 MRSA §5219-Q is enacted to read:

§5219-Q.__Credit for certain licensing fees

A taxpayer is allowed a credit against the tax imposed by this Part equal to the amount paid by the taxpayer as licensing fees to the University of Maine System for use of patents on wood fiber reinforced products.__The credit may not reduce the tax to less than zero.__Unused portions of the credit may be carried forward 5 years.

SUMMARY

This bill provides an income tax credit equal to the amount paid as licensing fees to the University of Maine System for use of patents on wood fiber reinforced products. The credit is nonrefundable and may be carried forward 5 years.