H.P. 40 - L.D. 45
Sec. Z-1. 36 MRSA §5219-R, sub-§2, as enacted by PL 2005, c. 519, Pt. H, §1, is amended to read:
2. Credit refundable in certain cases.
Notwithstanding subsection 1, a taxpayer that is a national historic landmark developer is allowed a refundable credit in an amount equal to the credit determined by the taxpayer under Section 47 of the Code for the taxable year. The refundable credit allowed by this subsection is in lieu of the credit that is allowed to the taxpayer by subsection 1 or that would otherwise be passed through to its partners or shareholders, if any. The credit is allowed only for tax years that begin on or after January 1, 2006 2009 but before January 1, 2010 2013. The credit may not exceed $500,000 per year, and unused credit amounts may be carried forward only through the 2009 2012 tax year. In the event that more than one national historic landmark developer qualifies for the refundable credit allowed by this subsection, the maximum annual credit amount and credit carry-forward limitations established by this subsection apply to all such developers collectively, and if necessary the State Tax Assessor shall prorate the credits between those developers based on their respective share of qualified expenses incurred. For the purposes of this subsection, "national historic landmark developer" means a person that owns 2 or more structures located in the Kennebec Arsenal District National Historic Landmark.
Sec. Z-2. Effective date. This Part applies retroactively to March 29, 2006.