Maine § 36 §5219-BBB Credit for investment in qualified professional baseball facilities in the State

Maine Statutes

§ 36 §5219-BBB — Credit for investment in qualified professional baseball facilities in the State

Maine·Title 36 TAXATION·Part 8 INCOME TAXES·Ch. 822 TAX CREDITS

1.Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings.

2.Procedures for application; certificate of approval. This subsection governs the procedures for applying for and obtaining a certificate of approval.

3.Refundable tax credit allowed. Beginning with the tax year during which a certificate of completion is issued under subsection 2, paragraph C but not before a tax year beginning in 2025, and for each of the following 14 tax years, a certified applicant is allowed a credit against the tax otherwise due under this Part for the taxable year in an amount equal to 1.33% of the certified applicant's qualified investment. A credit under this section for a certified applicant may not exceed $133,000 per year and $1,9

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1.
Definitions.
As used in this section, unless the context otherwise indicates, the following terms have the following meanings.
2.
Procedures for application; certificate of approval.
This subsection governs the procedures for applying for and obtaining a certificate of approval.
3.
Refundable tax credit allowed.
Beginning with the tax year during which a certificate of completion is issued under subsection 2, paragraph C but not before a tax year beginning in 2025, and for each of the following 14 tax years, a certified applicant is allowed a credit against the tax otherwise due under this Part for the taxable year in an amount equal to 1.33% of the certified applicant's qualified investment. A credit under this section for a certified applicant may not exceed $133,000 per year and $1,995,000 in cumulative total. The credit allowed under this section is refundable.
4.
Reporting required.
A certified applicant, the commissioner and the assessor are required to make reports pursuant to this subsection.
5.
Recapture.
If the qualified investment forming the basis of the credit is not used as a qualified professional baseball facility by the certified applicant or a transferee approved pursuant to subsection 2, paragraph D, the following provisions apply.
6.
Rules.
The commissioner and the assessor may jointly adopt rules to implement this section, including, but not limited to, rules for determining and certifying eligibility. Rules adopted pursuant to this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A.
7.
Evaluation.
The tax credit provided under this section is subject to ongoing legislative review in accordance with Title 3, chapter 37. In developing evaluation parameters to perform the review, the Office of Program Evaluation and Government Accountability, the joint legislative committee established to oversee program evaluation and government accountability matters and the joint standing committee of the Legislature having jurisdiction over taxation matters shall consider:

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