Maine Revised Statutes Title 36 Sec. 699 – Legislative findings; intent
Current as of: 2023 | Check for updates
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1. Findings. The Legislature finds that encouragement of the growth of capital investment in this State is in the public interest and promotes the general welfare of the people of the State. The Legislature further finds that the high cost of owning qualified business property in this State is a disincentive to the growth of capital investment in this State. The Legislature further finds that the tax exemption set forth in this subchapter is a reasonable means of overcoming this disincentive and will encourage capital investment in this State.
[PL 2005, c. 623, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 36 Sec. 699
- Property: shall be construed to mean both real estate and personal property. See Maine Revised Statutes Title 36 Sec. 501
- 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
2. Intent. It is the intent of the Legislature to fund fully transfers to the Disproportionate Tax Burden Fund under section 700-A, subsection 1 and reimbursements under the business equipment tax reimbursement program under section 6652, subsection 4, paragraph B.
[PL 2005, c. 623, §1 (NEW).]
SECTION HISTORY
PL 2005, c. 623, §1 (NEW).