Bill > LD1755

This bill modifies Maine's Historic Property Rehabilitation Tax Credit by first defining a "rural area" as an unorganized territory or a municipality with fewer than 12,500 residents, based on the latest U.S. Census data. Starting in tax year 2025, the bill increases the tax credit for rehabilitating historic structures in these rural areas to 35% of certified qualified rehabilitation expenditures, provided that at least 33% of the building's total square footage is used for residential purposes like apartments or dwellings. Furthermore, if the rehabilitation project is also classified as an affordable housing project, the tax credit can be increased by an additional 10 percentage points, potentially bringing the total credit to 45%. This legislation aims to incentivize historic property rehabilitation and affordable housing development in Maine's smaller, more rural communities by offering enhanced tax benefits to property developers and owners who invest in restoring and repurposing historic buildings.

Budget and Finance

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=1755&snum=132