An Act To Clarify the Provisions of a Historic Preservation Tax Credit
Maine Legislature, Session 126, LD 1661
Committee Amendment CA_A_S493 (Senate)
Amends: 36 MRSA §5219-B

COMMITTEE AMENDMENT" A" to S,p, 655, L.D, 1661, Bill, "An Act To 
Clarify the Provisions of a Historic 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 MRSA §5219-BB, sub-§4, as amended by PL 2011, c, 548, §31, is 
repealed and the following enacted in its place: 
4. Maximum credit. The credit allowed pursuant to this section and section 2534 
6 
may not exceed the greater of: 
A. Five million dollars for the portion of a certified rehabilitation as defined by the 
Code, Section 47(c)(2)(C) placed in service in the State in the taxable year; and 
B. Five million dollars for each building that is a component of a certified historic 
structure for which a credit is claimed under this section. 
Sec. 2. Application. That section of this Act that repeals and replaces the Maine 
Revised Statutes, Title 36, section 5219-BB, subsection 4 applies to credits for which the 
first credit installment under Title 36, section 5219-BB, subsection 5 is claimed on a 
return filed for a tax year beginning on or after January 1,2014.' 
COMMITTEE AMENDMENT 
COMMITTEE AMENDMENT" A" to S.P. 655, L.D. 1661 
SUMMARY 
Under current law, a person is entitled to a tax credit of not more than $5,000,000 for 
each certified rehabilitation project. This amendment provides that the $5,000,000 cap 
applies with respect to each certified rehabilitation or to each building that is a component 
of a certified historic structure, whichever is greater. The amendment also provides that a 
certified rehabilitation that is placed in service over multiple taxable years is allowed up 
to $5,000,000 in credit for the portion of the certified rehabilitation placed in service for 
each taxable year. This change allows a portion of a building or a single building in a 
complex to qualify for the $5,000,000 cap. The change applies to credits for which the 
first credit installment is claimed on a return filed for a tax year beginning on or after 
January 1,2014. 
FISCAL ~()T~ HUJL il{£D 
.. 
(See attached) 
COMMITTEE AMENDMENT 
Approved: 04/01114 
~ac 
LD 1661 
LR 2668(03) 
An Act To Clarify the Provisions of a Historic Preservation Tax Credit 
Net Cost (Savings) 
General Fund 
Revenue 
General Fund 
Fiscal Note for Bill as Amended by Committee Amendment '~' (S~clq:5) 
Committee: Taxation 
Fiscal Note Required: Yes 
Fiscal Note 
FY 2013-14 
FY 2014-15 
$0 
$0 
Projections 
FY 2015-16 
$0 
Projections 
FY 2016-17 
$1,425,000 
Other Special Revenue Funds 
$0 
$0 
$0 
$0 
$0 
$0 
($1,425,000) 
($75,000) 
Fiscal Detail and Notes 
This bill allows for a historic preservation tax credit of $5,000,000 for each certified rehabilitation project or for each 
building within the structure, whichever is greater. It also provides that a certified rehabilitation project that is placed 
in service over multiple taxable years is allowed up to $5,000,000 in credit for the portion of the certified 
rehabilitation project placed in service each taxable year. These provisions would result in a reduction in General 
Fund and Local Government Fund revenue of $1 ,425,000 and $75,000, respectively, in fiscal year 2016-17. The bill 
has the potential to substantially increase the credit allowed in future years because of the development time needed to 
put projects into service. 
LR2668(03) - Fiscal Note - Page 1 of 1