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ME LD146
Bill
AI Summary
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Doubles the annual maximum Historic Property Rehabilitation Tax Credit from $5 million to $10 million per certified rehabilitation or certified historic structure building for tax years beginning on or after January 1, 2025
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The $10 million cap applies to the first and second years in which the credit may be claimed, with the second year limited to $10 million minus any amount claimed in the first year
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Third and subsequent years revert to the previous $5 million annual maximum per rehabilitation or building
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Applies to certified rehabilitations as defined by Internal Revenue Code Section 47(c)(2)(C) placed in service in Maine
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Approved by the Governor on July 1, 2025 as Public Law Chapter 444
Legislative Description
An Act to Increase the Maximum Amount of the Historic Property Rehabilitation Tax Credit That May be Taken in a Year
Income Tax
Last Action
PASSED TO BE ENACTED in concurrence.
6/25/2025