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ME LD1863

Bill

Official Source

Status

Passed

6/3/2025

Primary Sponsor

Matthea Larsen Daughtry

Click for details

Origin

Senate

132nd Legislature

AI Summary

  • Clarifies the Maine Space Corporation's status as a nonprofit corporation with public and charitable purposes, requiring alignment with IRS Section 501(c)(3) requirements
  • Changes the corporation's general powers from those of a for-profit corporation (Title 13-C) to those of a nonprofit corporation (Title 13-B)
  • Establishes dissolution requirements: the Legislature must terminate the corporation, and all bonds and interest must be paid or set aside before dissolution can occur
  • Creates confidentiality protections for proprietary information, trade secrets, financial statements, tax returns, and credit assessments held by the corporation
  • Exempts the Maine Space Corporation from property taxation under Title 36, Part 2

Legislative Description

An Act to Amend the Laws Governing the Maine Space Corporation

Economic Development

Last Action

PASSED TO BE ENACTED, in concurrence.

6/3/2025

Committee Referrals

Housing5/6/2025

Full Bill Text

No bill text available