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ME LD1206

Bill

Official Source

Status

Failed

6/9/2025

Primary Sponsor

Denise Tepler

Click for details

Origin

Senate

132nd Legislature

AI Summary

  • Increases the percentage of business equipment tax exemption revenue that municipalities can recover from the state, currently set at 50%

  • Establishes a phased increase schedule: 60% starting April 1, 2026; 70% starting April 1, 2027; 75% for tax years beginning April 1, 2028 and 2029

  • Sets the final reimbursement rate at 80% for property tax years beginning on or after April 1, 2030

  • Amends 36 MRSA §694 to shift more of the tax revenue loss burden from municipalities back to the state

Legislative Description

An Act to Control Property Taxes by Increasing the Percentage of the Business Equipment Tax Exemption That Municipalities May Recover

Property Tax

Last Action

Placed in the Legislative Files. (DEAD)

6/9/2025

Committee Referrals

Taxation3/20/2025

Full Bill Text

No bill text available