Amend the amendment in Part L by inserting before section 1 the following:
‘Sec. L-1. 36 MRSA §200, sub-§1, ¶A, as enacted by PL 1997, c. 744, §1, is amended to read:
A. Part 1 of the report must describe the overall incidence of all state, local and county taxes. The report must present information on the distribution of the tax burden:
(1) For the overall income distribution, using a measure of system-wide incidence that appropriately measures equality and inequality;
(2) By income classes, including, at a minimum, deciles of the income distribution; and
(3) By other appropriate taxpayer characteristics . ; and
(4) The report must include a calculation of the average effective tax rate on state and local taxes paid by the top 1% of tax families and the bottom 99% of tax families. For purposes of this paragraph, "average effective tax rate on state and local taxes paid" and "tax families" have the same meaning as section 5111-C, subsection 1.
Sec. L-2. 36 MRSA §5111-C is enacted to read:
Amend the amendment in Part L in §5219-II by striking out all of subsection 2 (page 579, lines 4 to 17 in amendment) and inserting the following:
Amend the amendment by relettering or renumbering any nonconsecutive Part letter or section number to read consecutively.
This amendment, for tax years beginning on or after January 1, 2013, requires payment of a tax equalization assessment if a resident taxpayer has an expanded income of at least $250,000 for single filers, $325,000 for head of household filers or $400,000 for joint filers and an effective tax rate that is less than the average effective tax rate on state and local taxes paid by the bottom 99% of income earners. It increases the property tax fairness credit proposed in Committee Amendment "A" to a maximum of $500 for resident individuals under 70 years of age and $600 for resident individuals 70 years of age and older. Any excess revenue generated by the tax equalization assessment must go to the Maine Budget Stabilization Fund.