Maine Revenue Services has released a tax alert explaining recent legislative changes to the Business Equipment Tax Reimbursement (BETR) program. Businesses that qualify for reimbursement can designate their awarded compensation to pay outstanding loans owed to the Finance Authority of Maine. Reimbursements under the BETR program are reduced to 90% of the total amount for the application period beginning August 1, 2013. Reimbursements are reduced to 80% of the total amount for the application period beginning August 1, 2014. These new policies are effective October 9, 2013.
To view the actual tax alert, visit http://www.maine.gov/revenue/publications/alerts/2013/ta_aug2013_vol23_iss6.html.