Title

Gov. Angus King will submit legislation to convert the $50 million-a-year Busine

Authors

Lee Burnett

Source

Maine Times

Date

2-3-2000

Pages

14

Abstract

Gov. Angus King will submit legislation to convert the $50 million-a-year Business Equipment Tax Reimbursement (BETR) program from a direct appropriation to a tax credit, according to administration spokesman Dennis Bailey. The BETR program reimburses businesses for the personal property taxes they pay municipal government for new investments in machinery and equipment. A recent analysis of data during a 19-month period found that only 1,200 of Maine's 36,000 businesses received benefits from the program, and the top 200 got 96.2 percent of the money, which totaled $42 million.

Subjects

Business Equipment Tax Reimbursement Program, Taxation Personal property tax, Subsidies Taxation

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