ME LD1879

Imposes an additional 1.07% corporate income tax on corporations with income exceeding $3,500,000, raising the top rate from 8.93% to 10%, effective January 1, 2026

Revenue must first fully fund dairy stabilization support funds, with excess distributed to agricultural programs in priority order: $5,000,000 to Dirigo business incentives for agricultural businesses; $1,000,000 for agricultural building property tax exemptions; $5,000,000 to Maine Agriculture, Food and Forest Products Investment Fund; $2,000,000 to Business Recovery and Resilience Fund for agriculture; $1,000,000 to Agricultural Marketing Loan Fund; and $1,000,000 to Dairy Improvement Fund

Creates a 100% property tax exemption for agricultural buildings constructed, reconstructed, or renovated after January 1, 2026, lasting through April 1, 2036

State reimburses municipalities 100% for property taxes lost through the agricultural building exemption, funded by the new corporate tax revenue

Any remaining revenue after designated agricultural distributions transfers to the General Fund