An Act To Amend the Tax Credit for Biofuel Production
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 36 MRSA §5219-X, sub-§3, as enacted by PL 2003, c. 698, §1, is amended to read:
3. Limitations. A person entitled to a credit under this section for any taxable year may carry over and apply the portion of any unused credits to the tax liability on income derived from the production of biofuel for any one or more of the next succeeding 5 10 taxable years. The credit allowed, including carryovers, may not reduce the tax otherwise due under this Part to less than zero.
summary
This bill extends from 5 to 10 the number of taxable years a person may be entitled to the tax credit of 5¢ per gallon on income derived from the production of biofuel.