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| Sec. 34. 36 MRSA §5206-D, sub-§8, ¶C, as enacted by PL 1997, c. 404, §5 | | and affected by §10, is amended to read: |
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| | | C. A bank holding company, as defined in the federal Bank | | Holding Company Act of 1956, 12 United States Code, Section | | 1841, or a savings and loan holding company, as defined in | the National Housing Act, 12 United States Code, Section | 1701 |
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| | | Sec. 35. 36 MRSA §5211, sub-§10, as enacted by P&SL 1969, c. 154, §F, | | is amended to read: |
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| | | 10. Property valuation at original cost. Property owned by | | the taxpayer is valued at its original cost. Property rented by | | the taxpayer is valued at 8 times the net annual rental rate. Net | | annual rental rate is the annual rental rate paid by the taxpayer | less any annual rental rate received by the taxpayer from | subrentals |
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| | | Sec. 36. 36 MRSA §5215, sub-§3, ¶B, as amended by PL 1999, c. 414, §45 | | and affected by §56, is further amended to read: |
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| | | B. With payroll records and reports substantiating that at | | least 100 new jobs attributable to the operation of property | | considered to be qualified investment were created in the | | 24-month period following the date the property was placed | | in service. To assess the continuing nature of the jobs, | | the taxpayer must demonstrate that the new jobs credit base | | is at least $700,000 for the taxable year of the qualified | | federal credit or for either of the next 2 calendar years. | | The $700,000 must be adjusted proportionally for any change | | in Title 26, section 1043, subsection 2 wages from $7,000. | | With respect to new jobs created after August 1, 1998, but | | before October 1, 2001, the employer must also demonstrate | | that the qualifying jobs are covered by a retirement program | | subject to the Employee Retirement Income Security Act of | | 1974, 29 United States Code, Sections 101 to 1461, as | | amended; that group health insurance is provided for | | employees in those positions; and that the wages for those | | positions, calculated on a calendar year basis, are greater | | than the average per capita income in the labor market area | | in which the employee is employed; and |
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| | | Sec. 37. 36 MRSA §5217, sub-§3, as repealed and replaced by PL 1987, | | c. 769, Pt. A, §159, is amended to read: |
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| | | 3. Carryover; carry back. The amount of the credit that may | | be used by a taxpayer for a taxable year may not exceed the | amount of tax otherwise due under this section |
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