An Act To Provide Ongoing Funding for the Histonc Preservation Tax Credit
Maine Legislature, Session 123, LD 2008
Committee Amendment CA_A_S573 (Senate)

COMMITTEE AMENDMENT '14 " to S.P. 802, L.D. 2008, Bill, "An Act To 
Provide Ongoing Funding for the Histonc Preservation Tax Credit" 
Amend the bill by striking out everything after the enacting clause and before the 
summary and inserting the following: 
'Sec. 1. 36 MRS A §5219-R, sub-§4 is enacted to read: 
4. 
Credit fund. Beginning July 1, 2009, the following revenues attributable to 
historic rehabilitation for which a credit is claimed under this section must be transferred 
monthly by the State Controller to the historic rehabilitation credit fund that is established 
in this subsection: 
A. Taxes paid under Part 3 on sales or use made for purposes of the construction 
portion of an eligible historic rehabilitation project; and 
B. Taxes paid under chapter 711-A on the transfer of real estate that is included in 
the project when the transfer occurred no more than one year before the federal 
certification of an eligible historic rehabilitation project. 
By the 15th day of each month, the State Tax Assessor shall notify the State Controller of 
the amounts to be transferred to the historic rehabilitation credit fund for the previous 
month. By the end of each fiscal year, the State Tax Assessor shall notify the State 
Controller of the total value of all credits determined under this section for tax years 
ending in the preceding calendar year, and the State Controller shall transfer that amount 
to the General Fund to the extent that resources are available in the fund. The State Tax 
Assessor shall submit an annual report by January 15th identifying the amounts 
transferred into and out of the fund under this subsection. 
Sec. 2. Report. By January 15, 2009, the State Tax Assessor shall submit a report 
to the joint standing committee of the Legislature having jurisdiction over taxation 
matters, recommending ways to identify income tax revenues attributable to construction 
activities related to historic preservation expenditures for which an income tax credit is 
available under the Maine Revised Statutes, Title 36, section 5219-R. The committee 
COMMITTEE AMENDMENT 
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COMMITTEE AMENDMENT" 
" to S.P. 802, L.D. 2008 
may submit legislation related to the report to the First Regular Session of the 124th 
Legislature. ' 
SUMMARY 
This amendment establishes a revised process for identifying certain sales tax and 
real estate transfer tax revenues attributable to historic rehabilitation projects for which an 
income tax credit is available and transferring those revenues to a separate fund that can 
be used to compensate the General Fund for future credit costs. The amendment also 
directs the State Tax Assessor to recommend ways to identifY income tax revenues 
related to the same purpose. 
FISCAL ~OTE I~EQL1R£D 
(See attached) 
COMMITTEE AMENDMENT 
Approved: 04/05/08 p/ac. 
LD 2008 
LR 2778(02) 
An Act To Provide Ongoing Funding for the Historic Preservation Tax Credit 
Fiscal Detail and Notes 
Fiscal Note for BiII as Amended by Committee Amendment ,A " 
Committee: Taxation 
Fiscal Note Required: Yes 
Fiscal Note 
No net fiscal impact 
The required transfers to the historic rehabilitation credit fund should have no net fiscal impact on the General Fund 
since the required transfers back to the General Fund will occur within the same fiscal year. 
LR2778(02) - Fiscal Note - Page I of I