LD 2056 - New BETE Program

LD 2056, an Act to replace Municipal Revenues subject to Business Equipment Tax Exemption. This new act prospectively exempts from taxation most types of personal property and some specialty types of real estate. The exemption is purely prospective, and will apply to all qualifying property that is first installed in Maine after April 1, 2007, and would therefore become subject to taxation if it were not for this law on or after April 1, 2008.

In order for any personal property to be exempted from taxation under this legislation, the owner of the property will have to file a complete listing of that property with the municipal assessor by May 1 every year. The forms for this filing must be supplied by Maine Revenue Services. It is on the basis of these filings, one accepted by the municipality, that the exemption property is identified and the value of the exempt property is determined. If for any reason the owner fails to file for the exemption in a timely manner or fails to follow the statutory procedure for responding to inquiries from the municipal assessor, the property in question is not exempt from taxation for that year.

Please contact the State of Maine, Maine Revenue Services at 207-626-8475 for an application booklet for either BETR or BETE. (www.maine.gov/revenue/propertytax/propertytaxbenefits/bete.htm)

Links for additional information:

¨ BETE/BETR TUTORIAL

¨ BETE: Retail Equipment Guidance

¨ Bangor’s Exempt Application and Brief Explanation of the Program

¨ LD2056 Insert Letter