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more than $5,000 must be reported in accordance with section 1951- | | A. |
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| | | Sec. 2. 36 MRSA §4641, sub-§1-A, ¶¶A and B, as enacted by PL 2001, c. | | 559, Pt. I, §1 and affected by §15, are amended to read: |
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| | | A. In the case of a corporation, "controlling interest" | means either 50% or | | voting power of all classes of stock of the corporation | entitled to vote or 50% or | | profits or beneficial interest in the voting stock of the | | corporation. |
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| | | B. In the case of a partnership, association, trust or | other entity, "controlling interest" means 50% or | | 50% of the capital, profits or beneficial interest in the | | partnership, association, trust or other entity. |
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| | | Sec. 3. 36 MRSA §4641-D, 2nd ¶ from the end, as amended by P&SL 1975, c. | | 78, §21, is further amended to read: |
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| | | The register of deeds shall transmit both copies of the | | declaration of value to the State Tax Assessor not later than 40 | | days from the date of recordation of the deed subject to the tax | | or, in the case of a transfer of a controlling interest subject | | to tax under this chapter, no later than the 10th day of the | | month following the month in which the report of the transfer is | | received by the register of deeds. |
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| | | Sec. 4. 36 MRSA §4641-E, 2nd ¶, as amended by PL 2001, c. 559, Pt. I, | | §11 and affected by §15, is further amended to read: |
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| | | Within 3 years of the recording of a deed subject to the tax | | imposed by this chapter or of the date on which a transfer of a | | controlling interest in an entity subject to taxation under this | | chapter is reported to the register of deeds, the State Tax | | Assessor may examine any books, papers, records or memoranda of | | the grantor or grantee bearing upon the amount of tax payable, | | and may enforce that right of examination by subpoena. If the | | assessor determines that there is a deficiency of taxes due under | | this chapter, such deficiency must be assessed, together with | | interest and penalties, with notice to the persons liable, but no | | such assessment may be made more than 3 years after the date of | | recording or transfer. |
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| | | Sec. 5. 36 MRSA §5122, sub-§2, ¶M, as amended by PL 2001, c. 396, §34 | | and affected by §50, is further amended to read: |
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