Tax credit for Maine shipbuilding facility investment

1. Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings. 2. Procedures for application; certificate of approval. This subsection governs the application and approval process for the tax credit under this section. 3. Credit. A certified applicant is allowed a credit annually against the tax otherwise due under this Part as provided in this subsection. 4. Limitations. The following are limitations on the credit allowed under subsection 3 . 5. Accelerated credit. If a certified applicant has employment in any tax year of at least 6,000, the credit limitation in subsection 4, paragraph A is increased to $3,125,000 for that tax year. If employment is at least 6,500, the credit limitation is increased to $3,250,000. If employment is at least 7,000, the credit is increased to $3,375,000. If employment is 7,500 or more, the credit is increased to $3,500,000. 6. Reduced credit for reduced employment. If a certified applicant's employment is fewer than 5,500 employees during the tax year, the credit allowed pursuant to subsection 3 is reduced as follows. 7. Revocation. A certificate of approval must be revoked by the commissioner if the certified applicant has not made qualified investments of at least $100,000,000 within 5 years after issuance of the certificate of approval. 8. Additional requirements. A certified applicant, when awarding contracts, purchasing supplies or subcontracting work related to a qualified investment, shall give preference, to the greatest extent possible, to Maine workers, companies and bidders as long as the supplies, products, services and bids meet the standards required by the certified applicant regarding value, quality, delivery terms and price. 9. Annual reporting requirement. A certified applicant, the commissioner and the State Tax Assessor shall report annually in accordance with this subsection. Notwithstanding any other provision of law to the contrary, the reports provided under this subsection are public records as defined in Title 1, section 402, subsection 3 . 10. Evaluation; specific public policy objective; performance measures. The credit provided under this section is subject to ongoing legislative review in accordance with Title 3, chapter 37 . In developing evaluation parameters to perform the review, the Office of Program Evaluation and Government Accountability, the Legislature's government oversight committee and the joint standing committee of the Legislature having jurisdiction over taxation matters shall consider: