Sec. 1. 36 MRSA §4641-B, sub-§4, as amended by PL 2003, c. 20, Pt. V, §1, is repealed and the following enacted in its place:

4.__Distribution of State's share of proceeds.__The State Tax Assessor shall pay all net receipts received pursuant to this section to the Treasurer of State, and shall at the same time provide the Treasurer of State with documentation showing the amount of revenues derived from the tax imposed by section 4641- A, subsection 1 and the amount of revenues derived from the tax imposed by section 4641-A, subsection 2.__The Treasurer of State shall distribute the revenues derived from the taxes imposed by section 4641-A, subsections 1 and 2 as follows.

A.__In fiscal year 2005-06, 50% of such revenues must be credited to the General Fund and 50% must be transferred to the Maine State Housing Authority.

B.__In fiscal year 2006-07, 48% of such revenues must be credited to the General Fund and 52% must be transferred to the Maine State Housing Authority.

C.__In fiscal year 2007-08, 46% of such revenues must be credited to the General Fund and 54% must be transferred to the Maine State Housing Authority.

D.__In fiscal year 2008-09, 44% of such revenues must be credited to the General Fund and 56% must be transferred to the Maine State Housing Authority.

E.__In fiscal year 2009-10, 42% of such revenues must be credited to the General Fund and 58% must be transferred to the Maine State Housing Authority.

F.__In fiscal years beginning 2010-11, 40% of such revenues must be credited to the General Fund and 60% must be transferred to the Maine State Housing Authority.

Revenues transferred to the Maine State Housing Authority pursuant to this subsection must be deposited in the Housing Opportunities for Maine Fund created in Title 30-A, section 4853.

SUMMARY

This bill gradually increases to 60% the share of the real estate transfer tax that is paid to the Maine State Housing Authority.