SP0111, LD 278, item 2, ‘An Act To Provide Greater Access to Capital for Certain Businesses through Assignment of Benefits under the Business Equipment Tax Reimbursement Program and the Maine Employment Tax Increment Financing Program’

Amend the bill by striking out the title and substituting the following:

‘An Act To Provide Greater Access to Capital for Certain Businesses through Assignment of Benefits under the Business Equipment Tax Reimbursement Program and the Maine Employment Tax Increment Financing Program’

Amend the bill by striking out everything after the enacting clause and before the summary and inserting the following:

‘Sec. 1. 36 MRSA §191, sub-§2, ¶AA, as amended by PL 2003, c. 668, §9 and affected by §12, is further amended to read:

AA. The disclosure by employees of the bureau to designated representatives of the Finance Authority of Maine necessary for the administration of section 6656, subsection 3 and section 6758, subsection 4 and of information required to ensure that recipients of certain benefits under Title 20-A, chapter 417-E are eligible to receive such benefits;

Sec. 2. 36 MRSA §6656, sub-§3 is enacted to read:

3. Assignment of reimbursement payments. A claimant may assign its right to payments under this chapter to secure a loan from the Finance Authority of Maine, and such an assignment, notwithstanding any contrary provision of law, is a legally valid assignment binding upon the claimant and its successors in interest. Upon notice of such an assignment given to the assessor by the Finance Authority of Maine and written confirmation of such an assignment signed by the claimant, the assessor shall pay to the Finance Authority of Maine any payments due to the claimant pursuant to this chapter and assigned to the Finance Authority of Maine until the Finance Authority of Maine notifies the assessor that the assignment has been released.

Sec. 3. 36 MRSA §6758, sub-§4 is enacted to read:

4. Assignment of payments. A qualified business may assign its right to payments under this chapter to secure a loan from the Finance Authority of Maine, and such an assignment, notwithstanding any contrary provision of law, is a legally valid assignment binding upon the qualified business and its successors in interest. Upon notice of such an assignment given to the assessor by the Finance Authority of Maine and written confirmation of such an assignment signed by the qualified business, the assessor shall pay to the Finance Authority of Maine any payments due to the qualified business pursuant to this chapter and assigned to the Finance Authority of Maine until the Finance Authority of Maine notifies the assessor that the assignment has been released.’

summary

This amendment allows the assignment of certain claims for payment under the Business Equipment Tax Reimbursement program and Employment Tax Increment Financing Program to the Finance Authority of Maine in order to secure loans from the Finance Authority of Maine. It also permits the State Tax Assessor to make payments directly to the Finance Authority of Maine in such circumstances and to disclose otherwise protected taxpayer information to the Finance Authority of Maine necessary for the administration of the assignment and payment of the claims.

FISCAL NOTE REQUIRED

(See attached)

SP0111 LD 278	Session - 126th Maine Legislature C "A", Filing Number S-21, Sponsored by		LR 491 Item 2
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