Maine LD714: An Act to Allow the Victim of a Fraudulent Scheme to Claim a State Income Tax Deduction for Losses Attributable to the Fraudulen

What the bill says

An Act to Amend the Tax Laws" Amend the bill by striking out the title and substituting the following: 'An Act to Allow the Victim of a Fraudulent Scheme to Claim a State Income Tax Deduction for Losses Attributable to the Fraudulent Scheme' Amend the bill by striking out everything after the enacting clause and inserting the following: '.

From the engrossed text:

An Act to Amend the Tax Laws" Amend the bill by striking out the title and substituting the following: 'An Act to Allow the Victim of a Fraudulent Scheme to Claim a State Income Tax Deduction for Losses Attributable to the Fraudulent Scheme' Amend the bill by striking out everything after the enacting clause and inserting the following: 'Sec. 1. 36 MRSA §5122, sub-§2, ¶BBB is enacted to read: BBB. For taxable years beginning on or after January 1, 2023, to the extent included in federal adjusted gross income and not otherwise removed from Maine taxable income, an amount equal to the federal deduction claimed by a taxpayer who was the victim of a fraudulent scheme for losses attributable to that fraudulent scheme pursuant to the Code, Section 165(c)(2) for the same taxable year. Sec. 2. 36 MRSA §5125, sub-§3, ¶C, as amended by PL 2017, c. 211, Pt. D, §2, is further amended to read: C. Reduced by any amount of deduction attributable to income taxable to financial institutions under chapter 819; and Sec. 3. 36 MRSA §5125, sub-§3, ¶D, as amended by PL 2017, c. 211, Pt. D, §3, is further amended to read: D. Reduced by any amount attributable to interest or expenses incurred in the production of income exempt from tax under this Part.; and Sec. …

Read the full official text

Sponsors

• Kristen Cloutier (D, 94) · primary sponsor

Latest actions

1. April 29, 2026: Died in Possession of the Senate when the Legislature adjourned Sine Die and was PLACED IN THE LEGISLATIVE FILES. (DEAD)
2. April 6, 2026: On motion by Senator ROTUNDO of Androscoggin PLACED ON THE SPECIAL APPROPRIATIONS TABLE pending ENACTMENT in concurrence.
3. April 2, 2026: PASSED TO BE ENACTED. Sent for concurrence. ORDERED SENT FORTHWITH.
4. April 2, 2026: Report READ and ACCEPTED, in concurrence.READ ONCE.Committee Amendment "A" (H-944) READ and ADOPTED, in concurrence.Under suspension of the Rules, READ A SECOND TIME and PASSED TO BE ENGROSSED AS AMENDED BY Committee Amendment "A" (H-944), in concurrence.Ordered sent down forthwith.
5. April 2, 2026: 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" (H-944).Sent for concurrence. ORDERED SENT FORTHWITH.
6. June 25, 2025: Carried over, in the same posture, to any special or regular session of the 132nd Legislature, pursuant to Joint Order SP 800.
7. March 21, 2025: Carried over, in the same posture, to the next special or regular session of the 132nd Legislature, pursuant to Joint Order SP 519.
8. February 20, 2025: Received by the Clerk of the House on February 20, 2025.The Bill was REFERRED to the Committee on TAXATION pursuant to Joint Rule 308.2 and ordered printed pursuant to Joint Rule 401.

Common questions

What is LD714?

LD714 is a bill in the Maine Legislature (132nd Legislature): An Act to Allow the Victim of a Fraudulent Scheme to Claim a State Income Tax Deduction for Losses Attributable to the Fraudulen.

What does LD714 do?

In its own words: An Act to Amend the Tax Laws" Amend the bill by striking out the title and substituting the following: 'An Act to Allow the Victim of a Fraudulent Scheme to Claim a State Income Tax Deduction for Losses Attributable to the Fraudulent Scheme' Amend the bill by striking out everything after the enacting clause and inserting the following: '.

What is the status of LD714?

Failed as of April 29, 2026. Latest action: Died in Possession of the Senate when the Legislature adjourned Sine Die and was PLACED IN THE LEGISLATIVE FILES. (DEAD) (April 29, 2026).

Who sponsored LD714?

Kristen Cloutier (D, 94).

Where is the official record for LD714?

On the Maine Legislature website: https://legislature.maine.gov/legis/bills/display_ps.asp?LD=714&snum=132