Maine Revised Statutes Title 36 Sec. 5242 – Information returns
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Terms Used In Maine Revised Statutes Title 36 Sec. 5242
- 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.
- 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
The State Tax Assessor may require returns of information to be made and filed on or before January 31st of each year by a person making payment or crediting in a calendar year the amounts of $600 or more, or $10 or more in the case of interest or dividends, to a person who may be subject to the tax imposed under this Part. The returns may be required of a person, including lessees or mortgagors of real or personal property, fiduciaries, employers and all officers and employees of this State, or of a municipal corporation or political subdivision of this State, having the control, receipt, custody, disposal or payment of dividends, interest, rents, salaries, wages, premiums, annuities, compensations, remunerations, emoluments or other fixed or determinable gains, profits or income, except interest coupons payable to bearer. A duplicate of the statement as to tax withheld on wages, required to be furnished by an employer to an employee, constitutes the return of information required to be made under this section with respect to those wages. [PL 2017, c. 211, Pt. D, §12 (AMD).]
A person who is required by the assessor to furnish a return of information in accordance with this section on or after January 31, 2022 and who fails to do so, or who willfully furnishes a false or fraudulent return of information, is subject to a penalty of $50 for each such failure. [PL 2021, c. 181, Pt. A, §14 (NEW).]
SECTION HISTORY
P&SL 1969, c. 154, §F1 (NEW). PL 1995, c. 639, §23 (AMD). PL 2017, c. 211, Pt. D, §12 (AMD). PL 2021, c. 181, Pt. A, §14 (AMD).