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Amend the bill in Part F by striking out all of section 5 (page 36, lines 3 to 12 in L.D.)
Amend the bill in Part F in section 6 in subsection 4 by striking out all of the 3rd sentence from the end (page 36, lines 31 to 35 in L.D.) and inserting the following: 'Beginning July 1, 2008, the Treasurer of State shall credit an amount equal to 0.198% of the value of each transfer subject to a transfer tax imposed by section 4641-A, subsection 1 to the Maine State Housing Authority, which shall deposit the funds in the Housing Opportunities for Maine Fund created in Title 30-A, section 4853.'
Amend the bill by relettering or renumbering any nonconsecutive Part letter or section number to read consecutively.
 
SUMMARY
This amendment removes language from the bill that would have limited the amount of real estate transfer tax retained by the county to 10% of the first 0.44% of the value of each transfer. This amendment retains current law, under which the county retains 10% of the entire real estate transfer tax collected, and adjusts the distribution formula to ensure that the Housing Opportunities for Maine Fund does not receive a reduction in funds as a result of the increase in the county's share.
FISCAL NOTE REQUIRED
(See attached)