Sec. W-1. 36 MRSA §1861-A, as amended by PL 2003, c. 391, §1, is further amended to read:
§ 1861-A. Reporting use tax on individual income tax returns
The assessor shall provide that individuals report use tax on items with a purchase sale price of $5,000 or less on their Maine individual income tax returns. Taxpayers are required to attest to the amount of their use tax liability for the period of the tax return. Alternatively, they may elect to report an amount that is .04% .08% of their Maine adjusted gross income. The table amount does not relate to items with a purchase price in excess of $1,000. Liability arising from such items must be added to the table amount. A taxpayer electing to satisfy a use tax liability by estimating it shall calculate the liability in accordance with the use tax table. The estimated liability is applicable only to purchases of any individual items each having a sale price no greater than $1,000. For each taxable item with a sale price greater than $1,000 but no more than $5,000, the actual use tax liability for each purchase must be added to the amount of the estimated liability derived from the use tax table. Upon subsequent review, if use tax liability for the period of the return exceeds the amount of liability arising from use tax paid with the return, a credit of the that amount of liability arising from the return paid relative to the item or items being supplementarily assessed is allowed subject to the limitation set out in this section. The credit is limited to the amount of liability arising from the return for items with a sale price of $1,000 or less and may be applied only against a liability determined on review with regard to items with a sale price of $1,000 or less. Use tax on any item with a purchase sale price of more than $5,000 must be reported in accordance with section 1951-A.
Sec. W-2. Effective date; application. This Part takes effect January 1, 2008 and applies to tax years beginning on or after January 1, 2008.