Maine LD1217: An Act Regarding the New Markets Tax Credit and the Maine New Markets Capital Investment Program

What the bill says

An Act Regarding the New Markets Tax Credit and the Maine New Markets Capital Investment Program.

From the engrossed text:

An Act Regarding the New Markets Tax Credit and the Maine New Markets Capital Investment Program Sec. 1. 10 MRSA §1100-Z, sub-§3, ¶B-1 is enacted to read: B-1. A qualified community development entity that is a Maine fund that seeks an allocation of tax credit authority shall submit an application to the authority on a form that the authority provides. (1) In addition to the requirements specified in paragraph B, subparagraphs (1) and (4), the applicant shall include in the application evidence that the applicant is a qualified community development entity with its principal business operation in the State for at least 60 months. (2) As used in this paragraph, "Maine fund" means a qualified community development entity as defined in Section 45D(c) of the United States Internal Revenue Code of 1986, as amended, that has its principal place of business in the State. A Maine fund that meets the requirements of this paragraph is qualified as a community development entity. Sec. 2. 10 MRSA §1100-Z, sub-§3, ¶F, as enacted by PL 2011, c. 380, Pt. Q, §1 and affected by §7, is amended to read: F. Within 24 months with respect to program 1 tax credit authority and 12 months with respect to program 2 tax credit authority, after receipt of the notice of the allocation of tax credit …

Read the full official text

Sponsors

• Stewart, Trey L. (R, 2) · primary sponsor
• Bruce Bickford (R, 20)
• Ryan Fecteau (D, 132)

Latest actions

1. June 25, 2025: On motion by Senator ROTUNDO of Androscoggin taken from the Special Appropriations Table Motion by Senator TIPPING of Penobscot to COMMIT Bill and accompanying papers to the Committee on Taxation FAILED Roll Call Ordered Roll Call Number 657 Yeas 12 - Nays 21 - Excused 2 - Absent 0 Subsequently, PASSED TO BE ENACTED in concurrence. Held at the Request of GROHOSKI of Hancock RELEASED. Motion by Senator STEWART of Aroostook to RECONSIDER whereby the Bill was PASSED TO BE ENACTED FAILED Roll Call O
2. June 18, 2025: On motion by Senator ROTUNDO of Androscoggin PLACED ON THE SPECIAL APPROPRIATIONS TABLE pending ENACTMENT in concurrence.
3. June 18, 2025: PASSED TO BE ENACTED. Sent for concurrence. ORDERED SENT FORTHWITH.
4. June 17, 2025: Reports READ.On motion of Representative CLOUTIER of Lewiston, the Majority Ought to Pass as Amended Report was ACCEPTED.ROLL CALL NO. 558(Yeas 119 - Nays 27 - Absent 3 - Excused 2)The Bill was READ ONCE.Committee Amendment "A" (S-413) was READ and ADOPTED.Under suspension of the rules, the Bill was given its SECOND READING without REFERENCE to the Committee on Bills in the Second Reading.The Bill was PASSED TO BE ENGROSSED as Amended by Committee Amendment "A" (S-413). In concurrence. ORDERED S
5. June 16, 2025: Reports ReadOn motion by Senator GROHOSKI of Hancock the Majority Ought to Pass as Amended Report ACCEPTED. PREVAILED Roll Call Ordered Roll Call Number 583 Yeas 30 - Nays 5 - Excused 0 - Absent 0 READ ONCE Committee Amendment "A" (S-413) READ and ADOPTED Under suspension of the Rules, READ A SECOND TIME and PASSED TO BE ENGROSSED AS AMENDED by Committee Amendment "A" (S-413) Sent down for concurrence
6. April 1, 2025: The Bill was REFERRED to the Committee on TAXATION.In concurrence. ORDERED SENT FORTHWITH.
7. March 27, 2025: Taken from the table by the President On motion by Senator GROHOSKI of Hancock The Bill was REFERRED to the Committee on TAXATION Ordered sent down forthwith for concurrence
8. March 25, 2025: Unfinished Business
9. 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.
10. March 21, 2025: Committee on TAXATION suggested and ordered printed On motion by Senator GROHOSKI of Hancock Tabled until Later in Today's Session, pending REFERENCE Unfinished Business

Votes

• Senate RC #659: RECONSIDER (June 25, 2025): 12 yea, 21 nay, failed
• Senate RC #657: COMMIT (June 25, 2025): 12 yea, 21 nay, failed
• House RC #558: ACC MAJ OTP AS AMENDED REP (June 17, 2025): 119 yea, 27 nay, passed
• Senate RC #583: ACCEPT MAJORITY OUGHT TO PASS AS AMENDED REPORT (June 16, 2025): 30 yea, 5 nay, passed

Common questions

What is LD1217?

LD1217 is a bill in the Maine Legislature (132nd Legislature): An Act Regarding the New Markets Tax Credit and the Maine New Markets Capital Investment Program.

What does LD1217 do?

In its own words: An Act Regarding the New Markets Tax Credit and the Maine New Markets Capital Investment Program.

What is the status of LD1217?

Signed into law as of July 7, 2025. Latest action: On motion by Senator ROTUNDO of Androscoggin taken from the Special Appropriations Table Motion by Senator TIPPING of Penobscot to COMMIT Bill and accompanying papers to the Committee on Taxation FAILED Roll Call Ordered Roll Call Number 657 Yeas 12 - Nays 21 - Excused 2 - Absent 0 Subsequently, PASSED TO BE ENACTED in concurrence. Held at the Request of GROHOSKI of Hancock RELEASED. Motion by Senator STEWART of Aroostook to RECONSIDER whereby the Bill was PASSED TO BE ENACTED FAILED Roll Call O (June 25, 2025).

Who sponsored LD1217?

Stewart, Trey L. (R, 2), with 2 co-sponsors.

Where is the official record for LD1217?

On the Maine Legislature website: https://legislature.maine.gov/legis/bills/display_ps.asp?LD=1217&snum=132