ME LD1694

Creates a 30% income tax credit for disaster mitigation projects on working waterfront property, capped at $300,000 per project, effective for tax years beginning January 1, 2025

Eligible businesses must have average annual gross receipts of $47,000,000 or less over the preceding 3 taxable years

Qualifying projects include structural elevation, storm water management systems, erosion and landslide protection, flood-resistant construction, and hazard warning equipment

Working waterfront property must provide access to navigable waters for commercial fishing, recreational fishing/boating, boat building, aquaculture, dredging, or other water-dependent activities

Unused credit may be carried forward up to 10 years, and both the gross receipts threshold and credit cap are adjusted annually for inflation beginning in 2026