Maine Revised Statutes Title 36 Sec. 6755 – Procedures for application
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A qualified business that applies to the commissioner for approval of its employment tax increment financing program shall submit, in a form acceptable to the commissioner, the following information: [PL 1995, c. 669, §5 (NEW).]
1. Base level data. Employment, payroll and state withholding data necessary to calculate the base level;
[PL 1995, c. 669, §5 (NEW).]
Terms Used In Maine Revised Statutes Title 36 Sec. 6755
- Affiliated business: means a member of a group of 2 or more businesses in which more than 50% of the voting stock of each member corporation or more than 50% of the ownership interest in a business other than a corporation is directly or indirectly owned by a common owner or owners, either corporate or noncorporate, or by one or more of the member businesses. See Maine Revised Statutes Title 36 Sec. 6753
- Applicant: means a qualified business that has submitted an application to the commissioner for approval of an employment tax increment financing development program. See Maine Revised Statutes Title 36 Sec. 6753
- Code: means the United States Internal Revenue Code of 1986 and amendments to that Code as of December 31, 2022. See Maine Revised Statutes Title 36 Sec. 111
- Commissioner: means the Commissioner of Economic and Community Development. See Maine Revised Statutes Title 36 Sec. 6753
- employment tax increment: means that level of employment, payroll and state income withholding taxes attributed to qualified employees employed by a qualified business above the base level for the qualified business, adjusted pursuant to subsection 12 for shifts in employment by affiliated businesses. See Maine Revised Statutes Title 36 Sec. 6753
- Qualified business: means any for-profit business in this State, other than a public utility as defined by Title 35?A, section 102, that adds 5 or more qualified employees above its base level of employment in this State within any 2-year period commencing on or after January 1, 1996 and that meets one of the following criteria:
A. See Maine Revised Statutes Title 36 Sec. 6753Tax: 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 United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
2. Number of qualified employees. The number of qualified employees that the applicant has added or will add in the State that qualify the business for reimbursement under this chapter, including additional associated payroll and withholding data necessary to calculate the gross employment tax increment and establish the appropriate reimbursement percentage;
[PL 1995, c. 669, §5 (NEW).]
3. Certification. Certification that a retirement program subject to the Employee Retirement Income Security Act of 1974, 29 United States Code §§ 1001 to 1461 and group health insurance have been made available to all of the applicant’s qualified employees;
[PL 1995, c. 669, §5 (NEW).]
4. Employment locations. A listing of all of the applicant’s employment locations within the State and the number of employees at each location; and
[PL 1995, c. 669, §5 (NEW).]
5. Affiliations and data. A listing of all affiliated business and affiliated groups, data regarding current employment, payroll and state income withholding taxes for each affiliated business in the State.
[PL 1995, c. 669, §5 (NEW).]
Upon receipt of the information required by this section, the commissioner shall review the information in a timely fashion. If the commissioner determines that the criteria provided in section 6756 are satisfied, the commissioner must issue a certificate of approval to the applicant. [PL 1995, c. 669, §5 (NEW).]
SECTION HISTORY
PL 1995, c. 669, §5 (NEW).