Bill > LD1924

This bill provides a tax exemption for new residential housing sales and leases in Maine from January 1, 2026, to December 31, 2031. Specifically, the bill allows individual residents and corporations to deduct from their Maine income tax any gains from selling or leasing new residential housing during this period. "New residential housing" is defined as a residential unit where at least half of the square footage has not been occupied in the previous 12 months, which includes single-family homes, multi-unit housing, mobile homes, and manufactured housing. The tax deduction can be claimed in the taxable year when the housing is first occupied by the purchaser or lessee and continues until either the housing is no longer occupied by the original buyer/renter or until the end of 2031, whichever comes first. This legislation aims to encourage new housing development and potentially make housing more affordable by providing a financial incentive for creating and selling/leasing new residential properties.

Budget and Finance

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=1924&snum=132