PART A

Sec. A-1. 36 MRSA §662 is enacted to read:

§662.__Business equipment

1.__Eligible business equipment exempt.__Eligible business equipment is exempt from all taxation under this Part, except chapters 111 and 112.

2.__Definitions.__As used in this section, unless the context otherwise indicates, the following terms have the following meanings.

A.__"BETR-expired property" means property that was eligible for property tax reimbursement under chapter 915, but is no longer eligible for such reimbursement due to the fact that reimbursements have been made for the entire length of time for which reimbursements were allowed under section 6652, subsection 1.

B.__"Eligible business equipment" means qualified business property that, in the absence of this section, would first be subject to taxation under this Part after April 1, 2004 and BETR-expired property.__"Eligible business equipment" includes, without limitation, repair parts, replacement parts, replacement equipment, additions, accessions and accessories to other qualified business property that first became taxable under this Part on or before April 1, 2004 if the part, addition, equipment, accession or accessory would, in the absence of this section, first be subject to taxation under this Part after April 1, 2004.__"Eligible business equipment" also includes inventory parts.

"Eligible business equipment" does not include:

(1)__Office furniture, including, without limitation, tables, chairs, desks, bookcases, filing cabinets and modular office partitions;

(2)__Lamps and lighting fixtures;

(3)__Property owned or used by an excluded person; and

(4)__Telecommunications personal property subject to the tax imposed by section 457.