Instructions For Maine Franchise Tax Form 1120b-Me

ADVERTISEMENT

FORM 1120B-ME
2005
2005
MAINE
FRANCHISE TAX INSTRUCTIONS
IMPORTANT MAINE TAX LAW CHANGES
Biofuel Production Tax Credit. 36 M.R.S.A. § 5219-X. The credit is
The sales and use tax exemption for sales to contractors of Pine Tree
amended to add a requirement that in order to qualify for the credit, a
Development Zone businesses is repealed. Instead, a reimbursement
taxpayer must produce the biofuel commercially and must receive in-
program is established under which the contractors may recover the
come derived from the sale of biofuel. The change is retroactive to tax
tax paid on qualifying purchases (36 M.R.S.A. § 2016). Applies to
years beginning on or after January 1, 2004. See PL 2005, c. 330.
qualified sales on or after July 1, 2005.
Pine Tree Development Zone Credit. Various provisions in Title 30-
Only unitary affiliates need be included in the insurance premiums or
A and Title 36 were amended to make technical changes to the Pine
income tax credit apportionment calculation. Previously, all affiliates
Tree Development Zone program:
were required to be included (36 M.R.S.A. §§ 2529 & 5219-W). Applies
retroactively to tax years beginning on or after January 1, 2004.
Qualified employees no longer have to be Maine residents for purposes
of qualification for the program (30-A M.R.S.A. § 5250-I(18)). Applies
Rather than specify a calculation for determining employee shifting for
retroactively to June 12, 2003.
purposes of calculating the Employee Tax Increment Financing benefit,
the determination is now to be made by the Commissioner of the
The term “primarily” for purposes of the sales tax exemption benefit is
Department of Economic and Community Development (36 M.R.S.A.
defined as “more than 50% of the time during the period that begins
§ 6753(12)). Applies retroactively to applications submitted on or after
on the date on which the property is first placed in service by the
September 13, 2003. See LD #449, PL 2005, c. 351.
purchaser and ends 2 years from that date or at the time the property
is sold, scrapped, destroyed or otherwise permanently removed from
service by the purchaser, whichever occurs first (36 M.R.S.A. §
1760(87)). Applies to qualified sales on or after July 1, 2005.
Use EZ Pay for
Electronic Franchise Tax
Payments
SEE
REV. 12/05
Printed under Appropriation 010.18F.0002.07

ADVERTISEMENT

00 votes

Related Articles

Related forms

Related Categories

Parent category: Financial
Go
Page of 6