An Act To Provide Maine's Businesses Tax Relief for Destroyed or Stolen Products
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 36 MRSA §4361, sub-§§5-A and 5-B are enacted to read:
5-A. Qualified licensed retail establishment. "Qualified licensed retail establishment" means a retail establishment consisting of fewer than 5,000 square feet of retail space open to the public.
5-B. Qualified licensed retailer. "Qualified licensed retailer" means a retailer that is self-insured.
Sec. 2. 36 MRSA §4366-A, sub-§4-C is enacted to read:
4-C. Redemption of destroyed or stolen stamps. The assessor shall reimburse a qualified licensed retailer for the value of any destroyed or stolen stamps claimed within 90 days after the date of loss at the qualified licensed retail establishment of that qualified licensed retailer. In order for a claim to be made, a qualified licensed retailer must submit proof of the number of destroyed or stolen stamps to the assessor. The assessor may accept as sufficient proof of the number of destroyed or stolen stamps, inventory records, point-of-sale records or distributor sales records.
SUMMARY
This bill provides tax relief to Maine retail establishments by requiring the State Tax Assessor to reimburse a retailer for destroyed or stolen cigarette tax stamps.