Maine Revised Statutes Title 36 Sec. 4718 – Contributions; Mahogany Quahog Monitoring Fund
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Terms Used In Maine Revised Statutes Title 36 Sec. 4718
- Mahogany quahog: means a marine mollusk, also known as ocean quahog, Artica islandica, landed in this State and subject to the authority and provisions of this chapter. See Maine Revised Statutes Title 36 Sec. 4711
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Tax: means the total amount required to be paid, withheld and paid over or collected and paid over with respect to estimated or actual tax liability under this Title, any credit or reimbursement allowed or paid pursuant to this Title that is recoverable by the assessor and any amount assessed by the assessor pursuant to this Title, including any interest or penalties provided by law. See Maine Revised Statutes Title 36 Sec. 111
- Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72
The State Tax Assessor shall determine annually the total amount of tax revenue collected under this chapter. Until June 30, 2004, the State Tax Assessor shall deduct the cost of administering the mahogany quahog tax from those revenues and report the remainder to the Treasurer of State, who shall credit that amount to the Mahogany Quahog Monitoring Fund established in Title 12, section 6731?A, subsection 5, except that not more than $56,000 may be credited to the fund in any year. Until June 30, 2004, revenues collected that are in excess of $56,000 must be credited to the General Fund. [PL 2003, c. 593, §3 (AMD).]
Beginning July 1, 2004, the State Tax Assessor shall deduct the cost of administering the mahogany quahog tax from those revenues and report the remainder to the Treasurer of State, who shall credit 58% of that amount or $56,000, whichever is greater, to the Mahogany Quahog Monitoring Fund established in Title 12, section 6731?A, subsection 5 and 42% or the remainder, as applicable, to the General Fund. [PL 2003, c. 593, §3 (NEW).]
SECTION HISTORY
PL 1991, c. 561, §2 (NEW). PL 2003, c. 20, §WW28 (AMD). PL 2003, c. 593, §3 (AMD).