LD 1514 – LD 1514 An Act To Provide for Fairness in Property Taxation by Assessing a One-time Tax on Financial Assets

Rep. Lookner-D This bill establishes a one-time tax on any person owning financial assets, including cash and cash equivalents, securities and other financial instruments, with a fair market value in excess of $5,000,000. The tax is equal to 0.5% of the amount by which the fair market value of a person’s financial assets exceeds $5,000,000. The bill requires any person with financial assets in excess of $5,000,000 to file a statement with the State Tax Assessor and authorizes the State Tax Assessor to determine the amount of tax due, enforce the collection of the tax and adopt routine technical rules necessary to administer and enforce the tax. The bill subjects any person who fails to pay the tax to certain penalties. The bill directs the State Tax Assessor to transfer 50% of the receipts from the tax to the Local Government Fund and 50% of the receipts from the tax to the Housing Opportunities for Maine Fund.
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