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Business Equipment Tax Reimbursement - BETR

Eligible Businesses:
Any business that pays local property taxes on qualified business property (excluding public utilities, radio paging services, mobile communications, cable television, satellite-based direct television broadcast, multi-channel, and multi-point television distribution services, certain energy facilities, most natural gas pipelines, and property used to produce or transmit energy primarily for sale).
Program Summary:
The program reimburses, for up to 12 years (less any number of years for which a High-Technology Investment Tax Credit was claimed), all local property taxes paid on eligible business property. After the last property tax payment in a calendar year is made, a claim may be filed through April 1st of the following year. Once Maine Revenue Services receives the reimbursement form, a check will be issued within 180 days of the application due date.

Law defines the definition of eligible business property, but generally it means personal property first placed in service in Maine after April 1, 1995 . Eligible property includes certain property affixed or attached to a building or other real estate if it is used to further a particular trade or business on that site and so may include property which would be classified as real property for other purposes. Office furniture, lamps and lighting fixtures purchased after April 1, 1996 are not eligible for reimbursement and are excluded from the program. Vehicles on which excise tax has been paid are also ineligible for reimbursement. (Please note that this credit cannot be taken in tandem with the High Technology Tax Credit.)
Program Valuation Example:

Investment Assumptions
Eligible Investments in Personal Property
$35,000
Locational Factors
Municipal Mil Rate (per $1,000 of assessed value)
$18
ROI & Program Valuation
Annual Personal Property Tax Liability
$4,500
Annual Average Reimbursement
$4,500
Total Value of BETR Reimbursements:
$54,000

 

 



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