Bill > LD195

This bill establishes the Small Business Capital Savings Account Program within the Department of Economic and Community Development to support small businesses in agriculture, fishing, and forestry. The program will certify up to 30 eligible small businesses (with a maximum of 10 per industry category) that meet specific criteria, such as having fewer than 100 full-time equivalent employees, being headquartered in the state, and operating primarily in farming, fishing, or forestry. These businesses can open a special savings account with a maximum balance of $250,000, which can only be used for capital expenditures like depreciable items. Businesses can contribute to these accounts between January 1, 2026, and December 31, 2029, and will receive a tax deduction for contributions up to $250,000 per year. If funds are withdrawn and not used for capital expenditures, they will be considered taxable income. The Department of Economic and Community Development will track and verify account usage, and must submit a report by November 1, 2028, evaluating the program's success and recommending whether it should continue. The bill also includes provisions for notifying the Bureau of Revenue Services about certified businesses and their account activities.

Housing and Urban Affairs

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=195&snum=132