ME LD1755

Increases the Maine Historic Property Rehabilitation Tax Credit to 35% of certified qualified rehabilitation expenditures for certified historic structures located in rural areas, provided at least 33% of the building's square footage is used for housing

Defines "rural area" as unorganized territory or municipalities with populations under 12,500 based on the latest U.S. Census

Adds an additional 10 percentage point credit increase (totaling up to 45%) if the rehabilitation project also qualifies as certified affordable housing

Projects must also claim the federal historic rehabilitation tax credit under Section 47 of the Internal Revenue Code to be eligible

Applies to tax years beginning on or after January 1, 2025; signed into law July 7, 2025 as Public Law Chapter 499