Maine legislation · 132nd Legislature
Maine LD554: An Act to Encourage Resident-owned Communities and Preserve Affordable Housing Through Tax Deductions
Status: Signed into law, July 1, 2025
What the bill says
An Act to Encourage Resident-owned Communities and Preserve Affordable Housing Through Tax Deductions.
From the introduced text:
An Act to Encourage Resident-owned Communities and Preserve Affordable Housing Through Tax Deductions Sec. 1. 36 MRSA §5122, sub-§2, ¶AAA is enacted to read: AAA. For taxable years beginning on or after January 1, 2025, to the extent included in federal adjusted gross income and to the extent otherwise subject to state income tax, an amount equal to any gain recognized on the sale by the taxpayer of an ownership interest greater than 50% in a qualified business if the business provides housing and was transferred to a cooperative affordable housing corporation organized under Title 13, chapter 85, subchapter 1-A or a municipal housing authority, as defined in Title 30-A, section 4702, subsection 10-A, or an affiliate of a municipal housing authority. (1) The deduction allowed pursuant to this paragraph may not exceed $750,000. (2) For purposes of this paragraph, "qualified business" means a business whose securities are not publicly traded on any stock exchange, including a corporation, an S corporation, a limited liability company, a limited liability partnership, a sole proprietorship and all entities that are not publicly traded and are related by common majority ownership or control, or (b) Whose principal place of business is within the State. Sec. 2. 36 MRSA §5200-A, sub-§2, ¶JJ is enacted to read: JJ. For taxable years beginning on or after January …
Sponsors
- Cameron Reny (D, 13) · primary sponsor
- Donna Bailey (D, 31)
- Curry, Chip (D, 11)
- Victoria Doudera (D, 41)
- Wayne Farrin (D, 47)
- Traci Gere (D, 134)
- Lori Gramlich (D, 131)
Latest actions
- : On motion by Senator ROTUNDO of Androscoggin taken from the Special Appropriations Table PASSED TO BE ENACTED in concurrence.
- : On motion by Senator ROTUNDO of Androscoggin PLACED ON THE SPECIAL APPROPRIATIONS TABLE pending ENACTMENT in concurrence.
- : PASSED TO BE ENACTED. Sent for concurrence. ORDERED SENT FORTHWITH.
- : CONSENT CALENDAR - FIRST DAYUnder suspension of the rules CONSENT CALENDAR - SECOND DAY.The Bill was PASSED TO BE ENGROSSED as Amended by Committee Amendment "A" (S-163).In concurrence. ORDERED SENT FORTHWITH.
- : Report READ and ACCEPTED.READ ONCE.Committee Amendment "A" (S-163) READ and ADOPTED.Under suspension of the Rules, READ A SECOND TIME and PASSED TO BE ENGROSSED AS AMENDED BY Committee Amendment "A" (S-163).Ordered sent down forthwith for concurrence.
- : CARRIED OVER, in the same posture, to the next special or regular session of the 132nd Legislature, pursuant to Joint Order SP 519.
- : The Bill was REFERRED to the Committee on TAXATION.In concurrence. ORDERED SENT FORTHWITH.
- : Committee on TAXATION suggested and ordered printed REFERENCE to the Committee on TAXATION Ordered sent down forthwith for concurrence
Subjects: EXEMPTIONS, EMPLOYEE AND COOP BUSINESSES, INCOME TAX, Legislature, Senate, Other
Common questions
- What is LD554?
- LD554 is a bill in the Maine Legislature (132nd Legislature): An Act to Encourage Resident-owned Communities and Preserve Affordable Housing Through Tax Deductions.
- What does LD554 do?
- In its own words: An Act to Encourage Resident-owned Communities and Preserve Affordable Housing Through Tax Deductions.
- What is the status of LD554?
- Signed into law as of July 1, 2025. Latest action: On motion by Senator ROTUNDO of Androscoggin taken from the Special Appropriations Table PASSED TO BE ENACTED in concurrence. (June 25, 2025).
- Who sponsored LD554?
- Cameron Reny (D, 13), with 6 co-sponsors.
- Where is the official record for LD554?
- On the Maine Legislature website: https://legislature.maine.gov/legis/bills/display_ps.asp?LD=554&snum=132
Source: official Maine record. Tracked by Delilah, AI for legislation across all 50 states and Congress.