B.__If the disposition occurs more than one year but less than 2 years from the date the rehabilitation project is completed, an amount equal to 80% of the amount allowed as a credit in the year of disposition and all prior years;

C.__If the disposition occurs 2 years or more but less than 3 years from the date the rehabilitation project is completed, an amount equal to 60% of the amount allowed as a credit in the year of disposition and all prior years;

D.__If the disposition occurs 3 years or more but less than 4 years from the date the rehabilitation project is completed, an amount equal to 40% of the amount allowed as a credit in the year of disposition and all prior years; or

E.__If the disposition occurs 4 years or more but less than 5 years from the date the rehabilitation project is completed, an amount equal to 20% of the amount allowed as a credit in the year of disposition and all prior years.

6.__Rules.__The bureau and the Maine Historic Preservation Commission shall jointly adopt rules to implement this section.__ These rules are routine technical rules as defined in Title 5, chapter 75, subchapter II-A.

SUMMARY

This bill establishes a 20% income tax credit for the rehabilitation of income-producing historic properties that are listed in or eligible for the National Register of Historic Places.