Sec. E-1. 10 MRSA §1100-T, sub-§2, ¶A, as amended by PL 2003, c. 20, Pt. X, §1, is further amended to read:
A. A tax credit certificate may be issued in an amount not more than 40% of the amount of cash actually invested in an eligible Maine business in any calendar year or, for certificates issued and investments made after June 30, 2002 but before July 1, 2003 and after June 30, 2005, in an amount not more than 60% of the amount of cash actually invested in any one calendar year in an eligible Maine business located in a high-unemployment area, as determined by rule by the authority. Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter 2-A.
Sec. E-2. 10 MRSA §1100-T, sub-§2, ¶C, as amended by PL 2003, c. 20, Pt. X, §2, is further amended to read:
C. Aggregate investment eligible for tax credits may not be more than $5,000,000 for any one business as of the date of issuance of a tax credit certificate, except that the aggregate investment eligible for tax credits may not be more than $1,000,000 for certificates issued and investments made after June 30, 2003 and before July 1, 2005.
Sec. E-3. 10 MRSA §1100-T, sub-§2, ¶D, as amended by PL 2003, c. 20, Pt. X, §3, is further amended to read:
D. The investment with respect to which any individual is applying for a tax credit certificate may not be more than an aggregate of $500,000 in any one business in any 3 consecutive calendar years, except that the investment with respect to which any individual is applying for a tax credit certificate may not be more than an aggregate of $200,000 in any one business in any 3 consecutive calendar years for certificates issued and investments made after June 30, 2003 and before July 1, 2005. This this paragraph does not limit other investment by any applicant for which that applicant is not applying for a tax credit certificate.
Sec. E-4. 10 MRSA §1100-T, sub-§2-A, ¶¶A, C and D, as amended by PL 2003, c. 20, Pt. X, §4, are further amended to read:
A. A tax credit certificate may be issued to an individual who invests in a private venture capital fund in an amount that:
(1) Is not more than 40% of the amount of cash actually invested in or unconditionally committed to a private venture capital fund in any calendar year by the individual or entity, except that, for certificates issued and investments made after June 30, 2002 but before July 1, 2003 and after June 30, 2005, with respect to fund investments that are made in eligible businesses that are located in a high unemployment area, as determined by rule of the authority under subsection 2, the tax credit certificate may not be more than 60% of the cash actually invested in or unconditionally committed to a private venture capital fund in any calendar year by the individual or entity; and
(2) Does not exceed 40% of the amount of cash invested by the fund in eligible businesses, except that, for certificates issued and investments made after June 30, 2002 but before July 1, 2003 and after June 30, 2005, with respect to fund investments that are made in eligible businesses that are located in a high unemployment area, as determined by rule of the authority under subsection 2, a tax credit certificate may not be more than 60% of the cash invested by the fund in any calendar year in such businesses; provided that the authority may issue tax credit certificates in an amount not to exceed 20% of the amount of cash actually invested in or unconditionally committed to a private venture capital fund in any calendar year if the authority determines that the private venture capital fund is located in this State, is owned and controlled primarily by residents of this State and has designated investing in eligible businesses of this State as a major investment objective. The credit may be revoked to the extent that the private venture capital fund does not make investments eligible for the tax credit in an amount sufficient to qualify for the credits within 3 years after the date of the tax credit certificates. Notwithstanding any revocation pursuant to this subparagraph, each investor remains eligible for tax credit certificates for eligible investments as and when made by the private venture capital fund.
The aggregate amount of credits issued to investors in a fund may not exceed 40% of the amount of cash invested by the fund in eligible businesses, except that, for certificates issued and investments made after June 30, 2002 but before July 1, 2003 and after June 30, 2005, with respect to fund investments in eligible businesses that are located in a high unemployment area, the aggregate amount of tax credits issued to investors in a fund may not exceed 60% of the cash invested by the fund in eligible businesses.
C. Aggregate investment eligible for tax credits may not be more than $5,000,000 for any one business for any one private venture capital fund as of the date of issuance of a tax credit certificate, except that the aggregate investment eligible for tax credits may not be more than $1,000,000 for any one business for any one private venture capital fund as of the date of issuance of a tax credit certificate for certificates issued and investments made after June 30, 2003 and before July 1, 2005.
D. The investment with respect to which any individual or entity is applying for a tax credit certificate may not be more than an aggregate of $500,000 in any one eligible business invested in by a private venture capital fund in any 3 consecutive calendar years, except that the investment with respect to which any individual or entity is applying for a tax credit certificate may not be more than an aggregate of $200,000 in any one eligible business invested in by a private venture capital fund in any 3 consecutive calendar years relative to certificates issued and investments made after June 30, 2003 and before July 1, 2005. If this paragraph does not limit other investment by any applicant for which that applicant is not applying for a tax credit certificate and except that, if the entity applying for a tax credit certificate is a partnership, limited liability company, S corporation, nontaxable trust or any other entity that is treated as a flow-through entity for tax purposes under the federal Internal Revenue Code, the aggregate limit of $500,000 or $200,000, as applicable, applies to each individual partner, member, stockholder, beneficiary or equity owner of the entity and not to the entity itself. This paragraph does not limit other investment by any applicant for which that applicant is not applying for a tax credit certificate.
Sec. E-5. 10 MRSA §1100-T, sub-§4, as amended by PL 2003, c. 20, Pt. X, §5, is further amended to read:
4. Total of credits authorized. The authority may issue tax credit certificates to investors eligible pursuant to subsections 2 and 2-A in an aggregate amount not to exceed $2,000,000 up to and including calendar year 1996, $3,000,000 up to and including calendar year 1997, $5,500,000 up to and including calendar year 1998, $8,000,000 up to and including calendar year 2001, $11,000,000 up to and including calendar year 2004 2002, $14,000,000 up to and including calendar year 2003, $17,000,000 up to and including calendar year 2004, $20,000,000 up to and including calendar year 2005, $23,000,000 up to and including calendar year 2006, $26,000,000 up to and including calendar year 2007 and $30,000,000 thereafter. The authority may provide that investors eligible for a tax credit under this section in a year when there is insufficient credit available are entitled to take the credit when it becomes available.
Sec. E-6. 36 MRSA §5122, sub-§1, ¶¶T and U, as enacted by PL 2003, c. 20, Pt. II, §2, are repealed.
Sec. E-7. 36 MRSA §5200-A, sub-§1, ¶¶Q and R, as enacted by PL 2003, c. 20, Pt. II, §4, are repealed.
Sec. E-8. 36 MRSA §5216-B, sub-§2, as amended by PL 2003, c. 20, Pt. X, §6, is further amended to read:
2. Credit. An investor is entitled to a credit against the tax otherwise due under this Part equal to the amount of the tax credit certificate issued by the Finance Authority of Maine in accordance with Title 10, section 1100-T and as limited by this section. In the case of partnerships, limited liability companies, S corporations, nontaxable trusts and any other entities that are treated as flow-through entities for tax purposes under the Code, the individual partners, members, stockholders, beneficiaries or equity owners of such entities must be treated as the investors under this section and are allowed a credit against the tax otherwise due from them under this Part in proportion to their respective interests in those partnerships, limited liability companies, S corporations, trusts or other flow-through entities. Except as limited or authorized by subsection 3 or 4, for credit certificates issued and investments made after June 30, 2002 but before July 1, 2003 and after June 30, 2005, 25% of the credit must be taken in the taxable year the investment is made and 25% per year must be taken in each of the next 3 taxable years. Except as limited or authorized by subsection 3 or 4, for credit certificates issued after June 30, 2003 but before July 1, 2005, 15% of the credit must be taken in the first 6 years after the investment is made and 10% in the 7th year after the investment is made.
Sec. E-9. 36 MRSA §6572, first ¶, as enacted by PL 2003, c. 20, Pt. AA, §4, is amended to read:
The assessor shall administer the 2003 Maine Tax Amnesty Program. The amnesty program applies to tax liabilities delinquent as of April 16 August 31, 2003, including tax due for which a return has not been filed. A taxpayer may participate in the tax amnesty program whether or not the taxpayer is under audit and without regard to whether the amount due is subject to a pending administrative or judicial proceeding, except that this does not include pending criminal action or debts for which the State has secured a warrant or civil judgment in its favor in Superior Court. A taxpayer may participate in the tax amnesty program to the extent of the uncontested portion of an assessed liability. Participation in the program is conditioned upon the taxpayer's agreement to forgo the right to protest or pursue an administrative or judicial proceeding with regard to returns filed under the tax amnesty program or to claim any refund of money paid under the tax amnesty program. A taxpayer with a tax liability within the limitations of this chapter is absolved from criminal or civil prosecution or civil penalties plus 1/2 of the interest associated with any such liability except as otherwise provided in this chapter if the taxpayer:
Sec. E-10. 36 MRSA §6574, as enacted by PL 2003, c. 20, Pt. AA, §4, is amended to read:
The time period during which a 2003 amnesty return, described in section 6575, may be filed is September 1, 2003 to October 31 November 30, 2003.
Sec. E-11. Authorization for reimbursement of costs associated with contract resolution. The Department of Administrative and Financial Services may be reimbursed from the Salary Plan program up to $100,000 annually for the costs of contract resolution, administration, implementation and other costs required by the process of collective bargaining and negotiation procedures.
Sec. E-12. Calculation and transfer of savings; dental insurance. Notwithstanding any other provision of law, the State Budget Officer shall calculate the amount of savings in Part C, section 1 that apply against each General Fund account for all departments and agencies from savings in the cost of dental insurance and shall transfer the amounts by financial order upon the approval of the Governor. These transfers are considered adjustments to appropriations in fiscal year 2004-05. The State Budget Officer shall provide the joint standing committee of the Legislature having jurisdiction over appropriations and financial affairs a report of the transferred amounts no later than January 15, 2005.
Sec. E-13. Transfer of funds; Bureau of Alcoholic Beverages Internal Service Fund account. Notwithstanding any other provision of law, the State Controller shall transfer the $400,000 balance of Working Capital Advance from the Bureau of Alcoholic Beverages Internal Service Fund account within the Department of Administrative and Financial Services to the unappropriated surplus of the General Fund no later than June 30, 2005.
Sec. E-14. Lottery revenues. Notwithstanding any other provision of law, the Commissioner of Administrative and Financial Services is authorized to advance the schedule of issuing one or more additional instant ticket games resulting in additional undedicated revenue to the General Fund of $300,000 in fiscal year 2003-04.
Sec. E-15. Transfer of funds; Real Property Lease Internal Service Fund Account. Notwithstanding any other provision of law, the State Controller shall transfer $57,500 in fiscal year 2003-04 and $57,500 in fiscal year 2004-05 from the Real Property Lease Internal Service Fund Account in the Department of Administrative and Financial Services to the unappropriated surplus of the General Fund no later than June 30, 2004 and June 30, 2005 to reflect savings as a result of the renegotiation of leases.
Sec. E-16. Retirement incentive. The Commissioner of Administrative and Financial Services is authorized to offer a retirement incentive program to employees who are eligible to retire and who have reached their normal retirement age. The Personal Services savings generated from any such retirement incentive program must be used toward the restoration of merit increases, as long as such restoration may be achieved as authorized by Public Law 2003, chapter 20, Part D, section 22.
Sec. E-17. Department of Administrative and Financial Services; lease-purchase authorization. Pursuant to the Maine Revised Statutes, Title 5, section 1587, the Department of Administrative and Financial Services on behalf of the Department of Public Safety may enter into financing arrangements in fiscal years 2003-04 and 2004-05 for the acquisition of motor vehicles for the Maine State Police. The financing arrangements entered into in each fiscal year may not exceed $1,800,000 in principal costs, and no financing arrangement may exceed 3 years in duration. The interest rate may not exceed 5%, and total interest costs with respect to the financing arrangements entered into in each fiscal year may not exceed $200,000. The annual principal and interest costs must be paid from the appropriate line category appropriations and allocations in the Department of Public Safety accounts.
Sec. E-18. Restructuring of state departments and agencies. The Commissioner of Administrative and Financial Services shall submit legislation to the Second Regular Session of the 121st Legislature to address restructuring of State Government agencies, consolidation of services and other efficiencies in order to achieve cost savings.
Sec. E-19. Merit increases; savings. Savings achieved as a result of merit increases not being awarded in the Judicial branch of government may be replaced by other Personal Services savings by agreement of the State and the bargaining agents representing state employees.
Sec. E-20. General Fund Salary Plan; lapsed balances. Notwithstanding any other provision of law, $150,000 of unencumbered balance forward in fiscal year 2003-04 in the General Fund Salary Plan, General Fund account in the Department of Administrative and Financial Services lapses to the General Fund in fiscal year 2003-04.
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