A tax is imposed for each calendar year or fiscal year ending during that calendar year upon the franchise or privilege of doing business in this State of every financial institution that has Maine net income or Maine assets and that has a substantial physical presence in this State sufficient to satisfy the requirements of the due process and commerce clauses of the United States Constitution. A financial institution is subject to tax under this section even if it is treated as a partnership, S corporation or entity disregarded as separate from its owner for federal income tax purposes under the Code. Each financial institution shall determine the tax due using one of the following methods:

1. 1. Franchise tax on Maine net income and Maine assets The sum of:

   1. A. One percent of the financial institution's Maine net income; and

      [PL 2005, c. 608, §1 (NEW); PL 2005, c. 608, §5 (AFF).]

   2. B. Eight cents per $1,000 of the financial institution's Maine assets; or

      [PL 2005, c. 608, §1 (NEW); PL 2005, c. 608, §5 (AFF).]

   [PL 2005, c. 608, §1 (RPR); PL 2005, c. 608, §5 (AFF).]

2. 2. Franchise tax on Maine assets only Thirty-nine cents per $1,000 of the financial institution's Maine assets.

   [PL 2005, c. 608, §1 (RPR); PL 2005, c. 608, §5 (AFF).]

3. 3. Credit against tax

   [PL 2005, c. 608, §1 (RP); PL 2005, c. 608, §5 (AFF).]

4. 4. Increase in franchise tax

   [PL 1985, c. 783, §34 (RP).]

PL 1977, c. 686, §14 (NEW). PL 1979, c. 587, §5 (AMD). PL 1981, c. 704, §§6,7,10 (AMD). PL 1983, c. 477, Pt. F, Subpt. 3, §2 (AMD). PL 1983, c. 590, §3 (AMD). PL 1983, c. 842, §2 (RPR). PL 1983, c. 855, §§23,24 (AMD). PL 1983, c. 862, §§89,90 (AMD). PL 1985, c. 783, §§33,34 (AMD). PL 1997, c. 404, §2 (AMD). PL 1997, c. 404, §10 (AFF). PL 1997, c. 746, §14 (AMD). PL 1997, c. 746, §24 (AFF). PL 2005, c. 608, §1 (RPR). PL 2005, c. 608, §5 (AFF). PL 2019, c. 607, Pt. C, §4 (AMD).