Maine Revised Statutes Title 36 Sec. 5219-Y – Certified visual media production credit
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1. Credit allowed. A visual media production company, as defined in Title 5, section 13090?L, subsection 2?A, paragraph E, is allowed a credit against the taxes imposed by this Part in an amount equal to 5% of its nonwage visual media production expenses incurred with respect to a certified visual media production as defined in section 6901, subsection 1, if the visual media production company has visual media production expenses of $75,000 or more with respect to that certified visual media production. For purposes of this section, “nonwage visual media production expenses” means visual media production expenses as defined in Title 5, section 13090?L, subsection 2?A, paragraph F, except that “nonwage visual media production expenses” does not include certified production wages as defined in section 6901, subsection 2 or any amount that would be included in certified production wages but for the $50,000 limit provided by section 6901, subsection 2.
[PL 2011, c. 240, §37 (AMD).]
Terms Used In Maine Revised Statutes Title 36 Sec. 5219-Y
- 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. Limitation. The credit allowed by this section may not reduce the tax otherwise due under this Part below zero and may be used only for the taxable year in which the certified visual media production, as defined in section 6901, subsection 1, is completed. Taxpayers claiming a credit under section 5219?W are not eligible for this credit.
[PL 2009, c. 470, §5 (RPR).]
SECTION HISTORY
PL 2005, c. 519, §GG2 (NEW). PL 2009, c. 470, §5 (RPR). PL 2011, c. 240, §37 (AMD).