Sec. HH-1. 36 MRSA §141, sub-§2, ¶A, as enacted by PL 1979, c. 378, §4, is amended to read:
A. An assessment may be made within 6 years from the date the return was filed if the tax liability shown on the return, after adjustments necessary to correct any mathematical errors apparent on the face of the return, is less than 1/2 of the tax liability determined by the State Tax Assessor and the additional liability is attributable to information which was required to be reported but was not reported in the return. In determining whether the 50% threshold provided by this paragraph is satisfied, the assessor may not consider any portion of the understated tax liability for which the taxpayer has substantial authority supporting its position.
Sec. HH-2. Retroactive application. That section of this Part that amends the Maine Revised Statutes, Title 36, section 141, subsection 2, paragraph A applies retroactively to January 1, 2003. On or after the effective date of this Act, the State Tax Assessor may issue a 6-year assessment pursuant to section 141, subsection 2, paragraph A with respect to any tax incurred within the 6-year period allowed by that provision of law, even if the normal 3-year limitation period has expired prior to the effective date of this Act.
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