Maine Revised Statutes Title 36 Sec. 6854 – Reporting required
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1. Annual reporting by certified applicant. On or before March 1st of each year a certified applicant shall file a report with the State Tax Assessor and the commissioner for the immediately preceding calendar year, referred to in this section as the “report year,” containing the following information:
A. The employment of the certified applicant for the calendar year immediately preceding the report year; [PL 1997, c. 449, §1 (NEW).]
B. The number of qualified ships launched by the certified applicant from January 1, 1998 to December 31st of the report year; and [PL 1997, c. 449, §1 (NEW).]
C. The incremental level of qualified investments made for the calendar year immediately preceding the report year. [PL 1997, c. 449, §1 (NEW).]
The State Tax Assessor may prescribe forms for the annual reports described in this section.
[PL 1997, c. 449, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 36 Sec. 6854
- Certified applicant: means a qualified applicant that has received a certificate of approval from the commissioner pursuant to this chapter and does not participate in the Employment Tax Increment Financing Program established in section 6752 while receiving this credit. See Maine Revised Statutes Title 36 Sec. 6851
- Commissioner: means the Commissioner of Economic and Community Development. See Maine Revised Statutes Title 36 Sec. 6851
- Employment: means , for each calendar year, the amount determined by adding the total number of qualified employees of a certified applicant on each of 6 consecutive measurement days of that calendar year as chosen by the certified applicant and then dividing that sum by 6. See Maine Revised Statutes Title 36 Sec. 6851
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Qualified investment: includes only expenditures that are capitalized for federal income tax purposes. See Maine Revised Statutes Title 36 Sec. 6851
- Return: means any document, digital file or electronic data transmission containing information required by this Title to be reported to the State Tax Assessor. See Maine Revised Statutes Title 36 Sec. 111
- 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
2. Audit of report. The State Tax Assessor has the authority to audit any report or return filed under this chapter or chapter 827 to ensure the certified applicant was eligible for the credit claimed by the certified applicant. If the certified applicant has claimed a credit in an amount that the State Tax Assessor concludes exceeded the amount that the certified applicant was entitled to claim for that calendar year, the State Tax Assessor shall issue an assessment for that amount within 3 years after the date of the certified applicant’s last withholding return on which the credit for that calendar year was claimed. A certified applicant may seek reconsideration of any determination or assessment pursuant to section 151.
[PL 1997, c. 449, §1 (NEW).]
3. Report to Legislature. The State Tax Assessor shall report, to the joint standing committee of the Legislature having jurisdiction over taxation matters, aggregate data on employment levels and qualified investment amounts of a certified applicant for each year beginning with expenditures incurred after October 1, 1996. The report must be made during the first regular session of each Legislature beginning with the 120th Legislature.
[PL 1997, c. 449, §1 (NEW).]
SECTION HISTORY
PL 1997, c. 449, §1 (NEW).