Source: http://www.mainelegislature.org/legis/bills/bills_125th/billtexts/SP023501.asp
Timestamp: 2019-01-18 16:05:55
Document Index: 210480898

Matched Legal Cases: ['§511', '§5', '§1', '§4722', '§1', '§4', '§37', '§5219', '§1', '§28', '§37', '§5219', '§2', '§28', '§37']

SP0235, LD 742, item 1, An Act To Eliminate the Sunset Date of the Maine Historic Preservation Tax Credit
LD 742 First Regular Session - 125th Maine Legislature
An Act To Eliminate the Sunset Date of the Maine Historic Preservation Tax Credit
Sec. 1. 27 MRSA §511, sub-§5, ¶B, as enacted by PL 2007, c. 539, Pt. WW, §1, is amended to read:
B. By January 15, 2013 and every 4 years thereafter, the Maine Historic Preservation Commission shall analyze the use of tax credits provided under Title 36, section 5219-BB as an incentive for rehabilitation of historic structures and economic development, analyze tax and other revenues generated by the rehabilitation to determine in relation to the cost of the credit if they exceed the costs of the credit and report the results of its analysis to the joint standing committee of the Legislature having jurisdiction over taxation matters with recommendations as to whether the credits under Title 36, section 5219-BB should be extended continued, repealed or amended. Any such recommendations must include a specific recommendation of appropriate transition provisions in order that projects in the development or planning stages are not adversely affected. The joint standing committee may submit legislation related to the report.
Sec. 2. 30-A MRSA §4722, sub-§1, ¶DD, as enacted by PL 2009, c. 361, §4 and affected by §37, is amended to read:
(a) "Affordable housing" means a decent, safe and sanitary dwelling, apartment or other living accommodation for a household whose income does not exceed 60% of the median income for the area as defined by the United States Department of Housing and Urban Development under the United States Housing Act of 1937, Public Law 412, 50 Stat. 888, Section 8, as amended.
(4) Annually by every August 1st until and including August 1, 2013, the Maine State Housing Authority shall review the report issued pursuant to Title 27, section 511, subsection 5, paragraph A to determine the percentage of the total aggregate square feet of completed projects that constitutes new affordable housing, rehabilitated and developed using:
Sec. 3. 36 MRSA §5219-BB, sub-§1, ¶C, as amended by PL 2009, c. 361, §28 and affected by §37, is further amended to read:
C. "Certified qualified rehabilitation expenditure" means a qualified rehabilitation expenditure, as defined by the Code, Section 47(c)(2), made between on or after January 1, 2008 and December 31, 2013. For purposes of subsection 2, paragraph B, qualified rehabilitation expenditures incurred in the certified rehabilitation of a certified historic structure located in the State do not include a requirement that the certified historic structure be substantially rehabilitated.
Sec. 4. 36 MRSA §5219-BB, sub-§2, as amended by PL 2009, c. 361, §28 and affected by §37, is further amended to read:
A. Equal to 25% of the taxpayer's certified qualified rehabilitation expenditures for which a tax credit is claimed under Section 47 of the Code for a certified historic structure located in the State; or
B. Equal to 25% of the certified qualified rehabilitation expenditures of a taxpayer who incurs not less than $50,000 and up to $250,000 in certified qualified rehabilitation expenditures in the rehabilitation of a certified historic structure located in the State and who does not claim the federal credit with regard to those expenditures. The credit may be claimed for the taxable year in which the certified historic structure is placed in service.
A taxpayer is allowed a credit under paragraph A or B but not both. A credit may not be claimed for expenditures incurred before January 1, 2008 or after December 31, 2013.
This bill eliminates the current sunset date for the Maine historic preservation tax credit and requires the Maine Historic Preservation Commission to report to the Legislature in 2013 and every 4 years thereafter with an analysis on the use of the credit.