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Bill > LD1504

ME LD1504

ME LD1504
An Act to Support Small Businesses by Providing a Refundable Tax Credit to Certain Businesses to Offset Credit and Debit Card Transaction Fees

summary

Introduced
04/08/2025
In Committee
05/13/2025
Crossed Over
Passed
Dead
05/27/2025

Introduced Session

132nd Legislature

Bill Summary

This bill creates a tax credit for businesses with less than $2,400,000 in gross sales annually that accept credit cards or debit cards for payment and are charged a transaction fee by the issuer of that card. The amount of the tax credit is the amount of the fees the business paid or 2.5% of the sales taxes remitted by that business to the State, whichever is less. The tax credit is refundable.

AI Summary

This bill establishes a new tax credit for small businesses in Maine that accept credit or debit cards as payment methods. Specifically, the bill provides a refundable tax credit to eligible businesses with annual gross sales under $2,400,000 to help offset the transaction fees charged by card issuers. The tax credit is limited to either the actual transaction fees paid by the business or 2.5% of the sales tax remitted to the State, whichever amount is smaller. To qualify, businesses must maintain detailed records of their transaction fees and annual sales. The bill defines key terms such as "card issuer," "credit card," and "debit card" and requires the State Tax Assessor to develop technical rules for implementing the credit. The purpose of this legislation appears to be supporting small businesses by providing financial relief from the costs associated with processing electronic payment transactions.

Committee Categories

Budget and Finance, Health and Social Services

Sponsors (8)

Last Action

Pursuant to Joint Rule 310.3 Placed in Legislative Files (DEAD) (on 05/27/2025)

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