Maine LD 498: An Act To Restore the Super Credit for Substantially Increased Research and Development

LD 498 (subjects: INCOME TAX , CREDITS )

Official bill page at mainelegislature.org: http://www.mainelegislature.org/legis/bills/display_ps.asp?ld=498&PID=1456&snum=127


Sponsors | Actions | Bill Text & Amendments | Patterns of Support


Sponsors

Principal Sponsor: Rep. Robert Nutting of Oakland: (R – District 77) — e-mail | Facebook

6 Cosponsors:

Actions

Chamber

Action
2/24/2015 House Committee on Taxation suggested and ordered printed.
The Bill was REFERRED to the Committee on TAXATION.
Sent for concurrence. ORDERED SENT FORTHWITH.
2/24/2015 Senate On motion by Senator McCormick of Kennebec, REFERRED to the Committee on Taxation, in concurrence.
4/28/2015 House CONSENT CALENDAR – FIRST DAY
4/29/2015 House Committee on Bills in the Second Reading Reports no further verbal amendments necessary Representative McLEAN of Gorham, Chair, House of Representatives Report Accepted.
CONSENT CALENDAR – SECOND DAY.
The Bill was PASSED TO BE ENGROSSED as Amended by Committee Amendment “A” (H-96).
Sent for concurrence. ORDERED SENT FORTHWITH.
4/30/2015 Senate Report READ and ACCEPTED , in concurrence.
READ ONCE
Committee Amendment “A” (H-96) READ and ADOPTED , in concurrence.
ASSIGNED FOR SECOND READING NEXT LEGISLATIVE DAY.
5/5/2015 Senate COMMITTEE ON BILLS IN THE SECOND READING REPORTS NO FURTHER VERBAL AMENDMENTS NECESSARY, Senator Saviello, Senate Chair. REPORT ACCEPTED.
READ A SECOND TIME and PASSED TO BE ENGROSSED AS AMENDED BY Committee Amendment “A” (H-96), in concurrence.
Ordered sent down forthwith.
5/7/2015 House PASSED TO BE ENACTED.
Sent for concurrence. ORDERED SENT FORTHWITH.
5/12/2015 Senate On motion by Senator HAMPER of Oxford PLACED ON THE SPECIAL APPROPRIATIONS TABLE pending , in concurrence.
6/30/2015 Senate CARRIED OVER to any Special or Regular Session of the 127th Legislature pursuant to Joint Order SP 555.
7/16/2015 House Carried over from the Special Appropriations Table to any special or regular session of the 127th Legislature pursuant to Joint Order SP 555.
4/29/2016 Senate In possession of the Senate when the Senate ADJOURNED SINE DIE and PLACED IN THE LEGISLATIVE FILES (DEAD).

Bill Text & Amendments

Important Note: The bill text below presents L.D. 498 as originally introduced. L.D. 498 was changed by the legislature through amendment. To understand the impact of this legislation in proper context, be sure to read adopted amendment text, available here: C-A (H-96) .

An Act To Restore the Super Credit for Substantially Increased Research and Development

Be it enacted by the People of the State of Maine as follows:

Sec. 1. 36 MRSA 5219-L, sub- 1, as amended by PL 2013, c. 502, Pt. J, 1 and affected by 3, is further amended to read:

1. Super credit allowed for substantial expansions of research and development. For tax years beginning before January 1, 2014, a A taxpayer that qualifies for the research expense tax credit allowed under section 5219-K is allowed an additional credit against the tax due under this Part equal to the excess, if any, of qualified research expenses for the taxable year over the super credit base amount. For purposes of this section, “super credit base amount” means the average amount spent on qualified research expenses by the taxpayer in the 3 taxable years immediately preceding the effective date of this section, increased by 50%. For purposes of this section, “qualified research expenses” has the same meaning as under the Code, Section 41 but applies only to expenditures for research conducted in this State.

Sec. 2. 36 MRSA 5219-L, sub- 3, as amended by PL 2013, c. 502, Pt. J, 2 and affected by 3, is further amended to read:

3. Carry over to succeeding years. A taxpayer entitled to a credit under this section for any taxable year may carry over and apply to the tax due for any one or more of the next succeeding 10 5 taxable years the portion, as reduced from year to year, of any unused credit, but in no event may the credit applied in any single year exceed 25% 50% of the taxpayer’s tax due after the allowance of any other credits taken pursuant to this chapter.

Sec. 3. Retroactivity; application. This Act applies retroactively to tax years beginning on or after January 1, 2014.

summary

Under a tax credit that expired January 1, 2014, a taxpayer that qualified for a research expense tax credit was allowed a so-called super credit for qualified research expenses for research conducted in this State. A taxpayer was allowed to carry over any unused credit for the next succeeding 10 years, except that the credit was limited to no more than 25% of the taxpayer’s tax due after the allowance of other tax credits.

This bill restores the availability of the super credit, retroactive to January 1, 2014, restricts the carry-over period to 5 years and increases the limit on the credit to no more than 50% of the taxpayer’s tax due after the allowance of other tax credits.

Patterns of Support

Pattern of Cosponsorship by Region:

Pattern of Cosponsorship by Gender:

Pattern of Cosponsorship by Party:

Pattern of Cosponsorship by Campaign Finance Classification:

Note: Maine Clean Elections Act (MCEA) Qualified candidates only accept a small dollar value of initial contributions early in their campaigns, pledge not to accept further campaign contributions from private sources, and receive public funding for their campaigns. MCEA Non-Qualified candidates choose not to obtain public funding and instead are free to accept campaign contributions from individuals, party committees, political action committees and business sources.


This information about LD 498 was last updated on 2016-05-12.
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