Section 125-818-02 - Information reporting by taxpayer. A taxpayer claiming a renewable chemicals tax credit (the "credit") for the tax year must provide with the return claiming the credit the following information in order to meet the requirements of 36 M.R.S. section 5219-XX(5) and establish eligibility for the credit.
A. A written explanation of how the chemicals used to calculate the credit meet the definition of renewable chemical contained in 7 U.S.C. § 8101(14).B. Documentation establishing that the renewable chemical produced by the taxpayer in the State of Maine during the tax year is either (1) cellulose nanomaterial or (2) the product of, or reliant upon, biological conversion, thermal conversion, or both biological and thermal conversion.C. Documentation establishing the type of renewable biomass used in the production of the renewable chemical produced by the taxpayer in the State of Maine during the tax year.D. Documentation establishing the percentage of biobased content for each type of renewable chemical produced by the taxpayer in the State of Maine during the tax year. The percentage of biobased content must be determined via annual testing by a third-party contractor as described in section .03 of a representative sample of each type of renewable chemical produced by the taxpayer in the State of Maine during the tax year. The percentage determined in accordance with this subsection must be expressed as a decimal rounded to the hundredth decimal place (e.g., 45.67%).E. Documentation establishing the weight of renewable chemical produced by the taxpayer in the State of Maine during the tax year. The weight must be expressed in terms of pounds produced for each type of renewable chemical.F. A written description of the sale or use of the renewable chemical produced by the taxpayer in the State of Maine during the tax year.G. Written notification/certification by the State of Maine Department of Economic and Community Development that the taxpayer meets the requirements of 36 M.R.S. §5219-XX(2).H. The third-party contractor's affidavit required by section .03.I. Any other documentation or information the assessor may require.18-125 C.M.R. ch. 818, § 02