An Act To Create Transparency in Maine's Economic Development Spending
Sec. 1. 36 MRSA §191, sub-§2, ¶¶XX and YY, as enacted by PL 2013, c. 331, Pt. B, §5, are amended to read:
Sec. 2. 36 MRSA §191, sub-§2, ¶ZZ is enacted to read:
Sec. 3. 36 MRSA §199-E is enacted to read:
§ 199-E. Economic development incentive transparency
For the purposes of this section, "economic development tax expenditure" means a tax expenditure with a major purpose of providing an incentive for economic or job growth in the State. The assessor shall adopt rules identifying the specific provisions of law that meet the definition of "economic development tax expenditure." Rules adopted under this subsection are major substantive rules as defined in Title 5, chapter 375, subchapter 2-A.
This bill requires the disclosure of the names of businesses benefiting from economic development spending and tax expenditures in excess of $5,000 annually. The Department of Economic and Community Development is required to submit information regarding reportable economic development spending to the Department of Administrative and Financial Services, Bureau of Revenue Services, Office of Tax Policy annually. The Bureau of Revenue Services is required to identify businesses receiving $5,000 or more annually from economic development tax expenditures. The Office of Tax Policy is required to submit a report annually to the Legislature regarding economic development spending and tax expenditures and make the information available on its publicly accessible website.