Maine Revised Statutes Title 36 Sec. 6857 – Decelerated credit
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Terms Used In Maine Revised Statutes Title 36 Sec. 6857
- 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
- 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
- Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72
Beginning July 1, 2003, if a certified applicant has employment in any calendar year of less than 5,000 but equal to or greater than 4,500, the credit authorized in section 6853 must be decreased to $2,875,000. If employment is less 4,500 but equal to or greater than 4,000, the credit must be decreased to $2,750,000. If employment is less than 4,000 but equal to or greater than 3,500, the credit must be reduced to $2,625,000. [PL 1997, c. 449, §1 (AMD).]
SECTION HISTORY
PL 1997, c. 449, §1 (NEW).