Maine Revised Statutes Title 36 Sec. 2624 – Amount of tax
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Terms Used In Maine Revised Statutes Title 36 Sec. 2624
- Net railway operating income: means railway operating revenues, including debits and credits arising from equipment rents and joint facility rents, less railway operating expenses, tax accruals and uncollectible railway revenues. See Maine Revised Statutes Title 36 Sec. 2621-A
- 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
- Operating investment: means investment in railway property used in transportation service, less depreciation, plus cash, including temporary cash investments and special deposits, plus material and supplies. See Maine Revised Statutes Title 36 Sec. 2621-A
- 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 amount of the annual excise tax on railroads shall be ascertained as follows: The amount of the gross transportation receipts for the year ended on the 31st day of December preceding the levying of the tax shall be compared with the net railway operating income for that year. When the net railway operating income does not exceed 10% of the gross transportation receipts, the tax shall be an amount equal to 3 1/4% of the gross transportation receipts. When the net railway operating income exceeds 10% of the gross transportation receipts but does not exceed 15%, the tax shall be an amount equal to 3 3/4% of the gross transportation receipts. When the net railway operating income exceeds 15% of the gross transportation receipts but does not exceed 20%, the tax shall be an amount equal to 4 1/4% of such gross transportation receipts. When the net railway operating income exceeds 20% of the gross transportation receipts but does not exceed 25%, the tax shall be an amount equal to 4 3/4% of the gross transportation receipts. When the net railway operating income exceeds 25% of the gross transportation receipts, the tax shall be an amount equal to 5 1/4% of the gross transportation receipts. The tax shall be decreased by the amount by which 5 3/4% of operating investment exceeds net railway operating income but shall in no event be decreased below a minimum amount equal to 1/2 of 1% of gross transportation receipts. In the case of railroads operating not over 50 miles of road, the tax shall not exceed 1 3/4% of the gross transportation receipts. [PL 1989, c. 586, §2 (AMD).]
When a railroad lies partly within and partly without the State, or is operated as a part of a line or system extending beyond the State, the tax shall be equal to the same proportion of the gross transportation receipts in the State, and its amount shall be determined as follows: The gross transportation receipts of such railroad, line or system, as the case may be, over its whole extent, within and without the State, shall be divided by the total number of miles operated to obtain the average gross transportation receipts per mile, and the gross transportation receipts in the State shall be taken to be the average gross transportation receipts per mile multiplied by the number of miles operated within the State, and the net railway operating income within the State shall be similarly determined.
The State Tax Assessor, after notice and hearing, may determine the accuracy of any returns required of any railroad, and if found inaccurate, may order proper corrections to be made therein. [PL 1983, c. 571, §7 (AMD).]
The tax calculated pursuant to this section, for any taxable year, shall be decreased by a tax credit as defined in section 2621?A, subsection 3, calculated for that same taxable year. At no time may a tax credit be utilized to decrease the tax below the minimum tax imposed by this section. [PL 1989, c. 586, §3 (NEW); PL 1989, c. 702, Pt. E, §19 (AFF); PL 1989, c. 875, Pt. E, §59 (AFF).]
SECTION HISTORY
PL 1971, c. 549 (AMD). PL 1977, c. 78, §200 (AMD). PL 1979, c. 470 (AMD). PL 1981, c. 384 (AMD). PL 1981, c. 682, §§1,2 (AMD). PL 1983, c. 571, §§6,7 (AMD). PL 1989, c. 586, §§2,3 (AMD). PL 1989, c. 702, §E19 (AMD). PL 1989, c. 875, §E59 (AMD).