| | | Sec. 14. 36 MRSA §1760, sub-§86, as amended by PL 2003, c. 688, Pt. D, | | §3, is further amended to read: |
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| | | 86. Construction contracts with qualified development zone | | businesses. Beginning July 1, 2005, sales to a construction | | contractor of tangible personal property that is to be physically | | incorporated in, and become a permanent part of, real property | | that is owned by or for sale to a qualified Pine Tree Development | | Zone business, as defined in Title 30-A, section 5250-I, | | subsection 17, which real property will be used in the qualified | | business activity, as defined in Title 30-A, section 5250-I, | | subsection 16, of the qualified Pine Tree Development Zone | business in a | | 30-A, section 5250-I, subsection 13. The exemption provided by | | this subsection is limited to sales to a construction contractor | | occurring within a period of 10 years from the date the qualified | | Pine Tree Development Zone business receiving the property is | | certified pursuant to Title 30-A, section 5250-O or until | | December 31, 2018, whichever occurs first. |
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| | | Sec. 15. 36 MRSA §2529, sub-§1, ¶¶A and B, as amended by PL 2003, c. | | 688, Pt. D, §4, are further amended to read: |
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| | | A. One hundred percent of the tax associated with premiums | sold by a qualified business located in a | | Development Zone that would otherwise be due under this | chapter for each of the first 5 taxable years that | | the taxpayer is required to file a return pursuant to this | | chapter beginning after the taxpayer commences its qualified | | business activity, as defined in Title 30-A, section 5250-I, | | subsection 16, and that are directly attributable to a | | qualified business activity; and |
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| | | B. Fifty percent of the tax associated with premiums sold | by a qualified business in a | | that would otherwise be due under this chapter for each of | | the taxable years beginning with the 6th taxable year and | ending with the 10th taxable year that | | taxpayer is required to file a return pursuant to this | | chapter after the taxpayer commences its qualified business | | activity, as defined in Title 30-A, section 5250-I, | | subsection 16, and that are attributable to a qualified | | business activity. |
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| | | Sec. 16. 36 MRSA §2529, sub-§2, as amended by PL 2003, c. 688, Pt. D, | | §4, is repealed. |
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| | | Sec. 17. 36 MRSA §5219-W, sub-§1, as amended by PL 2003, c. 688, Pt. | | D, §5, is further amended to read: |
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