It allows bonus depreciation, Section 179 expense and net operating loss addition modifications claimed by a C corporation to be recaptured by individual shareholders of the corporation if it elects to be treated as an S corporation in a subsequent year.

It changes the date for the annual report to the Legislature regarding the BETR/TIF overlap from January 15th to March 15th and requires BETR applicants to provide BETR/TIF overlap information to the State Tax Assesor.

It excludes from the Maine estate tax real and tangible personal property owned by a resident of the State that is not located in the State.

It provides that only a sale of personal property for value will qualify for an automatic estate tax lien release. It clarifies the commencement and duration of the estate tax lien.