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ME LD1082
Bill
Status
6/25/2025
Primary Sponsor
Ryan Fecteau
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AI Summary
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Increases the real estate transfer tax rate from $2.20 to $5.00 per $500 of property value for sales of $1,000,000 or greater, while maintaining the $2.20 rate for sales under $1,000,000
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Exempts first-time home buyers who use Maine State Housing Authority mortgage loan programs from the real estate transfer tax
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Beginning in fiscal year 2026-27, restructures revenue distribution: 17% to Housing First Fund, 15% to Housing Opportunities for Maine Fund, 60% to affordable housing income tax credit and rural affordable rental/homeownership programs, with the remainder to the General Fund
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Prioritizes bond obligations under the Maine Energy, Housing and Economic Recovery Program before other revenue distributions
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Removes the existing requirement that 25% of Housing Opportunities for Maine Fund money be used specifically for housing production, effective fiscal year 2026-27
Legislative Description
An Act to Invest in Maine's Families and Workforce by Amending the Real Estate Transfer Tax
Miscellaneous Taxes
Last Action
The Bill was in the possession of the House when the Legislature adjourned Sine Die and was placed in the Legislative Files. (DEAD)
6/25/2025