An Act To Improve the Historic Preservation Tax Credit
Maine Legislature, Session 123, LD 0816
Committee: Taxation
Sponsors: MARRACHE, TRINW ARD, EDMONDS, MITCHELL, CANAVAN, CONOVER, FINCH, FLETCHER
Amends: 36 MRSA §5219-R

Legislative Document 
No. 816 
S.P.259 
February 16, 2007 
An Act To Improve the Historic Preservation Tax Credit 
Received by the Secretary of the Senate on February 15,2007. Referred to the Committee 
on Taxation pursuant to Joint Rule 308.2 and ordered printed pursuant to Joint Rule 218. 
Presented by Senator MARRACHE of Kennebec. 
Cosponsored by Representative TRINW ARD of Waterville and 
JOY J. O'BRIEN 
Secretary of the Senate 
Senators: President EDMONDS of Cumberland, MITCHELL of Kennebec, Representatives: 
CANAVAN of Waterville, CONOVER of Oakland, FINCH of Fairfield, FLETCHER of 
Winslow. 
Printed on recycled paper 
Be it enacted by the People of the State of Maine as follows: 
Sec. 1. 36 MRSA §5219-R, sub-§3 is enacted to read: 
3. Credit refundable for local historic landmark developer. Notwithstanding 
subsection 1, a taxpayer that is a local historic landmark developer is allowed a 
refundable credit in an amount equal to the credit determined by the taxpayer under 
Section 47 of the Code for the taxable year. The refundable credit allowed by this 
subsection is in lieu of the credit that is allowed to the taxpayer by subsection 1 or that 
would otherwise be passed through to its partners or shareholders, if any. The credit is 
allowed only for tax years that begin on or after January I, 2007 but before January 1, 
II. The credit may not exceed $1,500,000 per year, and unused credit amounts may be 
II 
carried forward only through the 2010 tax year. In the event that more than one local 
historic landmark developer qualifies for the refundable credit allowed by this subsection, 
the maximum annual credit amount and credit carry-forward limitations established by 
this subsection apply to all such developers collectively, and if necessary the State Tax 
Assessor shall prorate the credits between those developers based on their respective 
shares of qualified expenses incurred. 
For the purposes of this subsection, "local historic landmark developer" means a person 
that owns or has entered into a contract to purchase 2 or more buildings that are: 
A. Listed on the National Register of Historic Places as provided by the National 
Historic Preservation Act or have been nominated to the register by the Maine 
Historic Preservation Commission; 
B. 
Located in a tax increment financing district as defined in Title 30-A, section 
5241, subsection 17; 
C. 
Located in a Pine Tree Development Zone as defined in Title 30-A, section 
5250-1, subsection 13; and 
D. Located in Waterville, Maine. 
Sec. 2. Application. This Act applies to tax years beginning on or after January 1, 
2007. 
SUMMARY 
Current law provides a refundable tax credit of up to $500,000 per year to a national 
historic landmark developer, which is defined as a person that owns 2 or more structures 
located in the Kennebec Arsenal District National Historic Landmark. 
This bill provides a refundable tax credit of up to $1,500,000 per year to a local 
historic landmark developer, which is defined as a person who owns or has entered into a 
contract to purchase 2 or more buildings that are listed on the National Register of 
Historic Places and that are located in a tax increment financing district, in a Pine Tree 
Development Zone and in Waterville. 
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