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ME LD1504
Bill
Status
5/27/2025
Primary Sponsor
Wayne Farrin
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AI Summary
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Creates a refundable tax credit for Maine businesses with less than $2,400,000 in annual gross sales to offset credit and debit card transaction fees charged by card issuers
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Credit amount is capped at the lesser of actual transaction fees paid or 2.5% of sales taxes remitted to the state by the business
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Eligible businesses must be located in Maine and accept credit or debit cards as payment for goods or services
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Businesses claiming the credit must maintain records of fees paid and total annual sales
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State Tax Assessor may adopt routine technical rules to implement the credit program
Legislative Description
An Act to Support Small Businesses by Providing a Refundable Tax Credit to Certain Businesses to Offset Credit and Debit Card Transaction Fees
Income Tax
Last Action
Pursuant to Joint Rule 310.3 Placed in Legislative Files (DEAD)
5/27/2025