Maine § 36 §5219-W Pine Tree Development Zone tax credit

Maine Statutes

§ 36 §5219-W — Pine Tree Development Zone tax credit

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

1.Credit allowed. Except as provided by subsection 2, a taxpayer that is a qualified Pine Tree Development Zone business as defined in Title 30‑A, section 5250‑I, subsection 17 is allowed a credit in the amount of:

2.Apportioned credit in certain circumstances. In the case of a qualified Pine Tree Development Zone business as defined in Title 30‑A, section 5250‑I, subsection 17 that engages in both qualified and nonqualified business activities in this State, the credit provided for in this section is limited to that portion that is attributable to the qualified business activity. The limitation is calculated by an apportionment. The apportionment is determined by a fraction, the numerator of which is the property value plus the payroll for the taxable year attributed to the qualified bu

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1.
Credit allowed.
Except as provided by subsection 2, a taxpayer that is a qualified Pine Tree Development Zone business as defined in Title 30‑A, section 5250‑I, subsection 17 is allowed a credit in the amount of:
2.
Apportioned credit in certain circumstances.
In the case of a qualified Pine Tree Development Zone business as defined in Title 30‑A, section 5250‑I, subsection 17 that engages in both qualified and nonqualified business activities in this State, the credit provided for in this section is limited to that portion that is attributable to the qualified business activity. The limitation is calculated by an apportionment. The apportionment is determined by a fraction, the numerator of which is the property value plus the payroll for the taxable year attributed to the qualified business activity of the business and the denominator of which is the statewide property value plus payroll for the taxable year of the business.
3.
Members of pass-through entities.
A member of a pass-through entity that is a qualified Pine Tree Development Zone business, as defined in Title 30‑A, section 5250‑I, subsection 17, is allowed a credit under this section based on the tax due under this Part related to items of income, gain, deduction, loss or other items required to be reported by the pass-through entity to the member. For purposes of this subsection, "pass-through entity" means a corporation that for the applicable tax year is treated as an S corporation under the Code and a partnership, trust, limited liability company or similar entity that for the applicable tax year is not taxed as a C corporation for federal tax purposes; "member" means an individual or other owner of a pass-through entity.
4.
Limitation.
The credit provided by this section may not be claimed for tax years beginning on or after January 1, 2035.
5.
Definitions.
As used in this section, unless the context otherwise indicates, the following terms have the following meanings.

Maine § 36 §5219-W (Pine Tree Development Zone tax credit) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

PL 2003, c. 451, §NNN5 (NEW). PL 2003, c. 451, §NNN8 (AFF). PL 2003, c. 688, §D5 (AMD). PL 2005, c. 351, §§13-16 (AMD). PL 2005, c. 351, §26 (AFF). PL 2009, c. 627, §§10, 11 (AMD). PL 2009, c. 627, §12 (AFF). PL 2013, c. 502, Pt. K, §1 (AMD). PL 2013, c. 502, Pt. K, §2 (AFF). PL 2013, c. 595, Pt. K, §1 (AMD). PL 2013, c. 595, Pt. K, §2 (AFF). PL 2017, c. 440, §12 (AMD). PL 2021, c. 398, Pt. IIII, §6 (AMD). PL 2023, c. 412, Pt. J, §11 (AMD).