Maine Revised Statutes > Title 36 > Part 8 > Chapter 819 – Franchise Tax
Current as of: 2023 | Check for updates
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Other versions
| § 5206 | Franchise tax on financial institutions |
| § 5206-D | Definitions |
| § 5206-E | Apportionment |
| § 5206-F | Time for filing returns |
| § 5206-G | Combined reports |
Terms Used In Maine Revised Statutes > Title 36 > Part 8 > Chapter 819 - Franchise Tax
- Affiliated group: means a group of 2 or more financial institutions in which more than 50% of the voting interest of each member financial institution is directly or indirectly owned by a common owner or owners, either corporate or noncorporate, or by one or more of the member financial institutions. See Maine Revised Statutes Title 36 Sec. 5206-D
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Billing address: means the location indicated in the books and records of the taxpayer on the first day of the taxable year or on a later date in the taxable year when the customer relationship began as the address where any notice, statement or bill relating to a customer's account is mailed. See Maine Revised Statutes Title 36 Sec. 5206-D
- board: means the Maine Board of Tax Appeals as established in Title 5, section 12004?B, subsection 10. See Maine Revised Statutes Title 36 Sec. 111
- Borrower or credit card holder located in this State: means :
A. See Maine Revised Statutes Title 36 Sec. 5206-DCode: 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 Commercial domicile: means the place from which trade or business is principally managed and directed. See Maine Revised Statutes Title 36 Sec. 5206-D Compensation: includes amounts paid to an employee-leasing company for leased employees and amounts paid to a temporary services company for temporary employees, pursuant to a contract between the taxpayer and an employee-leasing company or temporary services company. See Maine Revised Statutes Title 36 Sec. 5206-D Contract: A legal written agreement that becomes binding when signed. Credit card: means a credit, travel or entertainment card. See Maine Revised Statutes Title 36 Sec. 5206-D Employee-leasing company: means a business that contracts with client companies to supply workers to perform services for client companies, except that the term "employee-leasing company" does not include private employment agencies that provide workers to client companies on a temporary help basis. See Maine Revised Statutes Title 36 Sec. 5206-D Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other. Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller. Financial institution: means :
A. See Maine Revised Statutes Title 36 Sec. 5206-DInterest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC 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. Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC Leased employee: means an individual who performs services for a client company pursuant to a contract between the client company and an employee-leasing company. See Maine Revised Statutes Title 36 Sec. 5206-D Loan: includes participations, syndications and leases treated as loans for federal income tax purposes. See Maine Revised Statutes Title 36 Sec. 5206-D Maine assets: means a financial institution's total end-of-year assets required to be reported pursuant to the laws of the United States on Internal Revenue Service Form 1120, 1120S, 1065 or any other Internal Revenue Service form used to report end-of-year assets or, in the case of an entity with a single owner that may be disregarded as an entity separate from its owner pursuant to Internal Revenue Service regulations, the financial institution's total end-of-year assets determined as if the entity were required to file Internal Revenue Service Form 1065, multiplied by the fraction obtained pursuant to Maine Revised Statutes Title 36 Sec. 5206-D Maine net income: means , for any taxable year, a financial institution's net income or loss per books required to be reported pursuant to the laws of the United States on Internal Revenue Service Form 1120, 1120S, 1065 or any other Internal Revenue Service form used to report net income or loss per books or, in the case of an entity with a single owner that may be disregarded as an entity separate from its owner pursuant to Internal Revenue Service regulations, the financial institution's net income or loss per books determined as if the entity were required to file Internal Revenue Service Form 1065, and apportioned to this State under Maine Revised Statutes Title 36 Sec. 5206-D Merchant discount: means the fee or negotiated discount charged to a merchant by the taxpayer for privilege of participating in a program when a credit card is accepted in payment for merchandise or services sold to the card holder. See Maine Revised Statutes Title 36 Sec. 5206-D Month: means a calendar month. See Maine Revised Statutes Title 1 Sec. 72 Notice: means written notification served personally, sent by certified mail or sent by first-class mail to the last known address of the person for whom the notification is intended. See Maine Revised Statutes Title 36 Sec. 111 Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. Participation: means an extension of credit in which an undivided ownership interest is held on a pro rata basis in a single loan or pool of loans and related collateral. See Maine Revised Statutes Title 36 Sec. 5206-D Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses. Person: means an individual, firm, partnership, association, society, club, corporation, financial institution, estate, trust, business trust, receiver, assignee or any other group or combination acting as a unit, the State or Federal Government or any political subdivision or agency of either government. See Maine Revised Statutes Title 36 Sec. 111 Personal property: All property that is not real property. principal base of operations: means the place of more or less permanent nature from which the property is regulated, directed or controlled. See Maine Revised Statutes Title 36 Sec. 5206-D Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. Regular place of business: means an office at which the taxpayer carries on its business in a regular and systematic manner and that is continuously maintained, occupied and used by employees of the taxpayer. See Maine Revised Statutes Title 36 Sec. 5206-D 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 State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, any territory or possession of the United States or any foreign country. See Maine Revised Statutes Title 36 Sec. 5206-D Syndication: means an extension of credit in which 2 or more persons fund that credit and each person is at risk only up to a specified percentage of the total extension of credit or up to a specified dollar amount. See Maine Revised Statutes Title 36 Sec. 5206-D 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 Taxpayer: means a financial institution as defined in subsection 8. See Maine Revised Statutes Title 36 Sec. 5206-D Temporary help: means employee services provided to client companies for a contractual period of less than 12 months. See Maine Revised Statutes Title 36 Sec. 5206-D Temporary services company: means a private employment agency, other than an employee-leasing company, that provides workers to client companies on a temporary help basis. See Maine Revised Statutes Title 36 Sec. 5206-D Transportation property: means vehicles and vessels capable of moving under their own power, such as aircraft, trains, water vessels and motor vehicles, as well as any equipment or containers attached to those vehicles and vessels, such as rolling stock, barges or trailers. See Maine Revised Statutes Title 36 Sec. 5206-D Unitary business: means a business activity that is characterized by unity of ownership, functional integration, centralization of management and economies of scale. See Maine Revised Statutes Title 36 Sec. 5206-D United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72 Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72