Bill > LD2044

This bill allows businesses in Maine that have been certified for biofuel production or renewable chemical tax credits to transfer (sell) those tax credits to other individuals or entities before claiming them. Specifically, the bill enables a taxpayer who has received a letter of certification for biofuel production or a certificate of approval for renewable chemicals to transfer their tax credit to another party, who can then use that credit against their own Maine income tax liability. The transferee must attach the original certification or approval document to their tax return, along with a statement detailing the amount of credit transferred. The transferred credit maintains the same limitations and carry-forward provisions as the original credit, and the original taxpayer cannot claim a credit that has been transferred. This provision allows businesses that may not have sufficient tax liability to benefit from their credits by selling them to other taxpayers who can use them, creating a more flexible approach to incentivizing biofuel and renewable chemical production in Maine.

Budget and Finance

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=2044&snum=132