This Week in Tax New (May 8-12, 2023)

Let’s Get Growing

Maine Revenue Services has replaced the Tree Growth Tax Law Valuations for 2023. Effective May 2, 2023, the new rule supplies the valuation rates for each forest type by county for 2023. When property is enrolled in the Maine Tree Growth Tax program it may help reduce property taxes for your woodland. To enroll, you must have at least ten acres of forest land managed primarily for the production of commercial forest products.  View the new Tree Growth Tax Law Valuations here: https://www.maine.gov/revenue/sites/maine.gov.revenue/files/inline-files/rule202.pdf

Where the Wild Things Are

L. 2023, H86 (Act 237), effective 07/01/2023, extends the sales and use tax exemption for sales of tangible personal property used for or in the renovation or expansion of certain aquariums or zoological institutions. The aquarium exemption, which expired January 1, 2022, is now made applicable from July 1, 2023 until December 31, 2026; and the exemption for zoos, which expired June 30, 2018, is now made applicable from July 1, 2023 until December 31, 2026, or until the tax refunded under the exemption exceeds $800,000 (previously $350,000).

School’s in Session

L. 2023, S63 (P.A. 26), effective 08/06/2023, amends the Revised School Code to allow a sinking fund tax authorized on or after the bill's effective date to be used for the purchase of real estate for school buildings, for school security improvements, for the acquisition or upgrading of technology, for the acquisition of student transportation vehicles, or for the acquisition of vehicles used in the maintenance of school buildings.

The Art of Giving

2023 Indiana Senate Bill No. 417 provides a tax exemption for sales up to $100,000 made by a qualified nonprofit organization. If a nonprofit exceeds $100,000 in sales, no tax would be exempt, and the organization would be required to collect sales tax on an ongoing basis until the organization makes less than $100,000 for two consecutive years. Youth organizations focused on agriculture would not be subject to the $100,000 cap.

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