94-457-307 Me. Code R. § 6

Current through 2024-44, October 30, 2024

Section 457-307-6 - Effect of Certificates; Conditions; Revocation; Reporting

A. A recipient of a certificate shall be entitled to a tax credit in the amount of the certificate, and such credit must be taken in conformance with the requirements of 36 M.R.S.A. Section 5216-B

B. The Chief Executive Officer may establish conditions on the use of invested monies or repayment terms which conditions are in addition to those established in this rule, if the Chief Executive Officer determines such conditions are necessary or desirable in order to assure that the purposes of the Program are carried out.

E. The Chief Executive Officer may revoke a certificate if any representation to the Authority in connection with the application for the certificate proves to have been false when made or if the investor violates any conditions established by the Authority and stated in this rule or in the certificate. The revocation may be in full or in part as the Chief Executive Officer may determine, and shall be communicated to the investor and the State Tax Assessor, provided that the investor shall have an opportunity to appeal any revocation to the members prior to notification of the State Tax Assessor.

F. Every business eligible to have investors receive a tax credit under the Program must, for the year its application is approved, and continuing each calendar year thereafter through and including the four (4) years following the year the last certificate is issued, report to the Authority the following information if so requested by the Authority:

(1) the total amount of private investment received, both those investments qualifying for Program credits and those not qualifying;

(2) the total number of employees employed as of December 31;

(3) the total number and geographic location of jobs created and retained by the eligible business stated separately for all jobs in the State and for those jobs that would not have been created or retained in the absence of the credit;

(4) the total annual payroll of the eligible business stated separately for all employees in the State and for those employees who would not have been employed in the absence of the credit; and

(5) total sales revenue of the eligible business stated separately within and outside the State. Such information shall be submitted on a form provided by the Authority and must be received by March 1 of the succeeding year. In the event such information is not timely submitted, the Chief Executive Officer may revoke the credits awarded in any one or more of the preceding four (4) years and or may revoke the eligibility of such business to participate in the Program.

G. An investor eligible for a tax credit under this section shall notify the authority when a business that received an investment from that investor eligible for a credit under this section ceases operations and the likely reasons for the cessation of business.

H. The authority shall report annually to the joint standing committee of the Legislature having jurisdiction over taxation matters and to the Office of Program Evaluation and Government Accountability on all activity under this section during the prior calendar year. The authority shall identify in its report businesses receiving investments eligible for a credit under this section and the authority's determination as to whether the investments would have been made in the absence of the credit.

94-457 C.M.R. ch. 307, § 6