ME LD554

Creates a state income tax deduction for capital gains from selling more than 50% ownership in a housing business to a cooperative affordable housing corporation or municipal housing authority, effective January 1, 2025

Caps the deduction at $750,000 per taxpayer for both individual and corporate income taxes

Limits eligible sellers to owners of "qualified businesses" that are not publicly traded and are either registered with the Secretary of State or have their principal place of business in Maine

Targets preservation of affordable housing in manufactured housing parks and apartment buildings by incentivizing sales to resident-owned cooperatives

Requires ongoing evaluation by the Office of Program Evaluation and Government Accountability, measuring jobs retained, affordable housing units created or converted, and fiscal impact to the state