Bill > LD2258

This bill creates an income tax credit for investments in qualified minor league baseball facilities in the state. The key provisions are: 1. It allows a refundable tax credit of 1.33% of qualified investments up to $133,000 per year and $1,995,000 in cumulative total for certified applicants who operate minor league baseball teams and make at least $1 million in qualified investments between October 2023 and November 2026 to design, permit, construct, modify, equip, or expand their facilities. 2. It establishes an application process for certified applicants to receive a certificate of approval and completion from the Commissioner of Economic and Community Development to claim the tax credit. 3. It requires certified applicants to report annually on their qualified investments, employment, and benefits, and requires the state to report on the revenue loss from the tax credit. 4. It includes provisions for recapturing the credit if the qualified investment is not used as a minor league baseball facility for at least 5 years. 5. It subjects the tax credit to ongoing legislative review to evaluate its fiscal and economic impacts.

Budget and Finance

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=2258&snum=131