| | | 1. Credit allowed. Except as provided by subsection 2, a | | taxpayer that is a qualified Pine Tree Development Zone business | | as defined in Title 30-A, section 5250-I, subsection 17 is | | allowed a credit in the amount of: |
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| | | A. One hundred percent of the tax that would otherwise be | | due under this Part for each of the first 5 taxable years | | that the taxpayer is required to file a return pursuant to | | this Part beginning after the taxpayer commences its | | qualified business activity, as defined in Title 30-A, | | section 5250-I, subsection 16; and |
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| | | B. Fifty percent of the tax that would otherwise be due | | under this Part for each of the taxable years beginning with | | the 6th taxable year and ending with the 10th taxable year | | that the taxpayer is required to file a return pursuant to | | this Part after the taxpayer commences its qualified | | business activity, as defined in Title 30-A, section 5250-I, | | subsection 16. |
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| | | Sec. 18. 36 MRSA §5219-W, sub-§2, as amended by PL 2003, c. 688, Pt. | | D, §5, is repealed. |
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| | | This bill designates the entire State as the "Pine Tree | | Development Zone," enabling qualifying businesses anywhere in the | | State to access Pine Tree Development Zone benefits. |
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