Bill > LD936

This bill makes comprehensive changes to Maine's mining excise tax laws, updating definitions, reporting requirements, and tax distribution mechanisms. The bill redefines key terms related to mining, such as "commercial mining" and "minerals," and establishes new requirements for the Mining Excise Tax Trust Fund Board of Trustees, including specific qualifications for board members. It sets the annual excise tax for mining companies at 5% of their gross proceeds and introduces more detailed reporting requirements, including mandatory filing of amended returns when federal tax returns are changed. The bill also modifies the distribution of mining excise tax revenues, with 75% going to the Mining Excise Tax Trust Fund and 25% to the General Fund. Additionally, the bill expands sales tax exemptions and refunds to include commercial mining equipment and machinery, similar to existing exemptions for agricultural and fishing equipment. The changes are set to take effect for tax years beginning on or after January 1, 2026, with some provisions applying to purchases made on or after that date.

Budget and Finance

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=936&snum=132