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Amend the bill by inserting after section 2 the following:
‘Sec. 3.  36 MRSA §6250, sub-§3-A  is enacted to read:
 
3-A.  Liquid asset.     "Liquid asset" means something of value available to an individual that can be converted to cash in 3 months or less and includes:
 
A.  Bank accounts;
 
B.  Certificates of deposit;
 
C.  Money market and mutual funds;
 
D.  Life insurance policies;
 
E.  Stocks and bonds;
 
F.  Lump-sum payments and inheritances; and
 
G. Funds from a home equity conversion mortgage that are in the individual's possession whether they are cash or have been converted to another form.’
Amend the bill in section 3 in subsection 1 in paragraph A in the last line (page 1, line 21 in L.D.) by striking out the following: "and" and inserting the following: 'and'
Amend the bill in section 3 in subsection 1 in paragraph B in the last line (page 1, line 25 in L.D.) by striking out the following: "." and inserting the following: '.; and'
Amend the bill in section 3 in subsection 1 by inserting after paragraph B the following:
 
‘C. The individual has liquid assets of less than $50,000 or, in the case of 2 or more individuals filing a claim jointly, all the individuals together have liquid assets of less than $75,000.’
Amend the bill by inserting after section 4 the following:
‘Sec. 5.  36 MRSA §6252, sub-§4  is enacted to read:
 
4.  No duplicate deferral.    The property is not receiving a deferral of taxes under chapter 908-A.’
Amend the bill by striking out all of sections 6 and 7.
Amend the bill in section 8 in §6255 by striking out all of subsection 3 (page 3, lines 36 and 37 in L.D.) and inserting the following:
 
‘3. Interest.   Interest shall accrueaccrues annually on the actual amount of taxes advanced to the municipality for the tax-deferred property at the rate of 6% per annumthat equals the highest prime rate as published in the Wall Street Journal on the first day of September of the preceding calendar year or, if the first day of September falls on a weekend or holiday, on the next succeeding business day, rounded up to the next whole percent and reduced by one percentage point.’
Amend the bill by striking out all of sections 9 to 13 and 16 to 19.
Amend the bill by inserting after section 20 the following:
‘Sec. 21. 36 MRSA §6271, sub-§2, ¶¶B and C, as enacted by PL 2009, c. 489, §5, are amended to read:
 
B. The taxpayer is an owner of the eligible homestead, is at least 70 years of age on April 1st of the first year of eligibility and occupies the eligible homestead; and
 
C. The household income of the taxpayer does not exceed 300% of the federal poverty level.; and
Sec. 22.  36 MRSA §6271, sub-§2, ¶D  is enacted to read:
 
D. The property is not receiving a deferral of taxes under chapter 908.’
Amend the bill by inserting after section 21 the following:
‘Sec. 22. Appropriations and allocations. The following appropriations and allocations are made.
 
ADMINISTRATIVE AND FINANCIAL SERVICES, DEPARTMENT OF
 
Elderly Tax Deferral Program 0650
 
Initiative: Provides one-time funding to develop and implement a computer application for a property tax deferral program.

GENERAL FUND	2017-18	2018-19	
All Other	$100,000	$0	
			
GENERAL FUND TOTAL	$100,000	$0	

Elderly Tax Deferral Program 0650
 
Initiative: Provides ongoing funding to reimburse municipalities for property taxes deferred under a property tax deferral program.

GENERAL FUND	2017-18	2018-19	
All Other	$0	$1,600,000	
			
GENERAL FUND TOTAL	$0	$1,600,000	

Elderly Tax Deferral Program 0650
 
Initiative: Provides ongoing funding for one Property Appraiser I position and related costs to implement and administer a property tax deferral program.

GENERAL FUND	2017-18	2018-19	
POSITIONS - LEGISLATIVE COUNT	1.000	1.000	
Personal Services	$40,589	$82,322	
All Other	$12,663	$11,583	
			
GENERAL FUND TOTAL	$53,252	$93,905	

ADMINISTRATIVE AND FINANCIAL SERVICES, DEPARTMENT OF			
DEPARTMENT TOTALS	2017-18	2018-19	
			
GENERAL FUND	$153,252	$1,693,905	
			
DEPARTMENT TOTAL - ALL FUNDS	$153,252	$1,693,905	
 
’
Amend the bill by relettering or renumbering any nonconsecutive Part letter or section number to read consecutively.
 
SUMMARY
This amendment removes the provisions of the bill that eliminate the requirement that interest accrues on deferred property taxes and provides that interest accrues on deferred property taxes at the prime rate published in the Wall Street Journal minus one percentage point. The amendment adds a maximum asset standard for eligibility of property owners and provides that property may not be subject to deferral under both the state deferral program and a municipal deferral program. The amendment also provides an appropriation to cover the cost of state administration of the program and the initial cost of making payments to municipalities for deferred taxes.
FISCAL NOTE REQUIRED
(See attached)