An Act To Stimulate the Maine Economy by Making Funds Available to First-time Home Buyers To Allow Them To Take Advantage of the Federal First-time Home Buyer Tax Credit
Maine Legislature, Session 124, LD 1483
Committee Amendment CA_A_H569 (House)

COMMITTEE AMENDMENT "A " 
to H.P. 1036, L.D. 1483, Bill, "An Act To 
Stimulate the Maine Economy by Making Funds Available to First-time Home Buyers To 
Allow Them To Take Advantage of the Federal First-time Home Buyer Tax Credit" 
Amend the bill by striking out the title and substituting the following: 
'Resolve, To Stimulate the Maine Economy by Allowing the Federal First-time 
Home Buyer Tax Credit To Be Used at Closing ofa Real Estate Transaction' 
Amend the bill in the emergency preamble in the last paragraph in the last line (page 
1, line 15 in L.D.) by inserting after "therefore," the following 'be it' 
Amend the bill by striking out everything after the emergency preamble and before 
the emergency clause and inserting the following: 
'Sec. 1. Adoption of rules to allow use. of tax credit funds. Resolyed: That 
if the United States Internal Revenue Service pennits the first-time home buyer tax credit 
available under the federal American Recovery and Reinvestment Act of 2009 to be paid 
directly to 3rd parties, the administrator of the Maine Consumer Credit Code, as defined 
in the Maine Revised Statutes, Title 9-A, section 1-301, subsection 2, may adopt routine 
technical rules pursuant to Title 5, chapter 375, subchapter 2-A, to facilitate the use of the 
tax credit funds for the fmancing of all or part of the down payment, closing costs, 
prepaid expenses and home energy improvement costs of first-time home buyers by 
supervised lenders and supervised financial organizations as defined in Title 9-A, section 
1-301.' 
SUMMARY 
This amendment replaces the bill with a resolve that provides that, if the United. 
States Internal Revenue Service penn its the first-time home buyer tax credit available 
under the federal American Recovery and Reinvestment Act of2009 to be paid directly to 
3rd parties, the administrator of the Maine Consumer Credit Code may adopt routine 
technic,iJ rules to facilitate the use of the tax credit funds for the financ,ing of all or part of 
COMMitTEE AMENDMENT 
~.~ 
COMMITIEE AMENDMENT ,A" to H.P. 1036, L.D. 1483 
the down payment, closing costs, prepaid expenses and home energy improvement costs 
of first-time home buyers by supervised lenders and supervised financial organizations. 
FISCAL NOTE H.EQt:lR£D 
(See attached) 
COMMI EE AMENDMENT 
I" 
) 
,) 
,,) 
-(. 
, ! 
Approved: 06/09/09 *ae 
LD 1483 
LR 2009(02) 
An Act To Stimulate the Maine Economy by Making Funds Available to First-time Home Buyers To 
Allow Them To Take Advantage of the Federal First-time Home Buyer Tax Credit 
Fiscal Note for Bill as Amended by Committee Amendment 'A" 
Committee: Appropriations and Financial Affairs 
Fiscal Note Required: Yes 
Fiscal Note 
Minor cost increase - Other Special Revenue Funds 
Fiscal Detail and Notes 
,,Additional costs to the Department of Professional and Financial Regulation can be absorbed utilizing existing 
budgeted resources. 
LR2009(02) - Fiscal Note - Page I of I