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ME LD565

Bill

Official Source

Status

Failed

4/1/2025

Primary Sponsor

Joseph Baldacci

Click for details

Origin

Senate

132nd Legislature

AI Summary

  • Removes the requirement that property held in a living trust must be in a "revocable" living trust to qualify for Maine's homestead property tax exemption
  • Expands eligibility so that properties held in irrevocable living trusts can now qualify for the exemption, provided the trust is for the benefit of the applicant who occupies the property as their permanent residence
  • Amends 36 MRSA §681, sub-§2, the statutory definition of "homestead" under Maine tax law
  • Referred to the Committee on Taxation on February 25, 2025

Legislative Description

An Act to Amend the Definition of "Homestead" Under the Homestead Property Tax Exemption Laws

Property Tax

Last Action

Pursuant to Joint Rule 310.3 Placed in Legislative Files (DEAD)

4/1/2025

Committee Referrals

Taxation2/19/2025

Full Bill Text

No bill text available