Sec. 1. 36 MRSA §112, sub-§11 is enacted to read:

11.__Report to the Legislature.__The State Tax Assessor shall report by November 1st each year to the joint standing committee of the Legislature having jurisdiction over appropriations and financial affairs and the joint standing committee of the Legislature having jurisdiction over taxation matters concerning the amount of actual capital gains and losses experienced by taxpayers filing income tax returns in the State under Part 8 for tax years ending in the previous calendar year.__Data reported under this section may be distributed by decile or quartile.__In the absence of actual data, the State Tax Assessor may provide estimates of the capital gains or loss experience.

SUMMARY

This bill requires the State Tax Assessor to report to the Legislature by November 1st of each year concerning the amount of capital gains or losses experienced by the State's income taxpayers for tax years ending in the previous calendar year.