LD 1661
PUBLIC Law, Chapter 550

on - Session - 126th Maine Legislature
Bill Tracking, Additional Documents Chamber Status

An Act To Clarify the Provisions of a Historic Preservation Tax Credit

Be it enacted by the People of the State of Maine as follows:

Sec. 1. 36 MRSA §5219-BB, sub-§4,  as amended by PL 2011, c. 548, §31, is repealed and the following enacted in its place:

4 Maximum credit.   The credit allowed pursuant to this section and section 2534 may not exceed the greater of:
A Five million dollars for the portion of a certified rehabilitation as defined by the Code, Section 47(c)(2)(C) placed in service in the State in the taxable year; and
B Five million dollars for each building that is a component of a certified historic structure for which a credit is claimed under this section.

Sec. 2. Application. That section of this Act that repeals and replaces the Maine Revised Statutes, Title 36, section 5219-BB, subsection 4 applies to credits for which the first credit installment under Title 36, section 5219-BB, subsection 5 is claimed on a return filed for a tax year beginning on or after January 1, 2014.

Effective 90 days following adjournment of the 126th Legislature, Second Regular Session, unless otherwise indicated.

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