Bill > LD554

This bill creates a tax deduction for individuals and businesses who sell more than 50% ownership in a "qualified business" (defined as a non-publicly traded business registered in Maine or with its principal place of business in the state) that provides housing, if the business is transferred to a cooperative affordable housing corporation or a municipal housing authority. The tax deduction is limited to $750,000 and applies to taxable years beginning on or after January 1, 2025. The bill requires ongoing legislative review by the Office of Program Evaluation and Government Accountability to assess the policy's effectiveness, with specific performance measures including tracking the number of affordable housing units created or retained, full-time equivalent jobs preserved, housing units converted to cooperative housing, and the fiscal and economic impact on the state. The primary policy objective is to preserve and increase affordable housing units in manufactured housing parks and apartment buildings by providing a financial incentive for businesses to transfer ownership to cooperative or municipal housing entities.

Budget and Finance

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=554&snum=132