LD 987
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LD 987 Title Page Resolve, Directing the Bureau of Revenue Services To Review the Law Governing t... LD 987 Title Page
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LR 1243
Item 1
 
Sec. 1. Bureau of Revenue Services; review of corporate income taxes. Resolved:
That the Department of Administrative and Financial Services,
Bureau of Revenue Services shall review the law governing the
taxation of corporate income to ensure that the share of state
tax revenue contributed by corporate income is maximized. In
conducting its review, the bureau shall examine whether, under
existing law, the State is collecting all taxes to which it is
entitled on income that is truly "nonbusiness income," and shall
assess whether it would be economically advantageous to restore a
distinction in the Maine Revised Statutes, Title 36, chapter 821
between apportionable business income and allocable nonbusiness
income, define apportionable income as all income that is
apportionable under the United States Constitution, and define
allocable nonbusiness income as all other income of a taxable
corporation; and be it further

 
Sec. 2. Report. Resolved: That the Department of Administrative and
Financial Services, Bureau of Revenue Services shall submit its
report, along with any necessary implementing legislation, to the
Joint Standing Committee on Taxation no later than November 2,
2005. Following its receipt and review of the report, the Joint
Standing Committee on Taxation is authorized to report out a bill
to the Second Regular Session of the 122nd Legislature.

 
SUMMARY

 
This resolve directs the Department of Administrative and
Financial Services, Bureau of Revenue Services to review the
existing law governing the taxation of corporate income and
assess whether it would economically advantageous to restore a
distinction in the state tax law between apportionable business
income and allocable nonbusiness income.

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