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ME LD715
Bill
Status
6/9/2025
Primary Sponsor
Nina Milliken
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AI Summary
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Reduces the property tax fairness credit threshold from 4% to 3% of annual income for Maine residents age 65 and older with income at or below $36,000, effective January 1, 2026
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Applies to individuals filing singly or married couples filing jointly, with only one spouse required to be 65 or older to qualify for the enhanced credit
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Maintains the existing $2,000 maximum credit cap for residents 65 and older and the $1,000 cap for those under 65
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Indexes the $36,000 income threshold for inflation using the Chained Consumer Price Index, with adjustments beginning in 2026
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Preserves the current property tax fairness credit structure for all other eligible residents who do not meet the new age and income criteria
Legislative Description
An Act to Provide Property Tax Relief by Increasing the Availability of the Property Tax Fairness Credit Based on a Resident's Age and Income
Property Tax
Last Action
CARRIED OVER, in the same posture, to any special or regular session of the 132nd Legislature, pursuant to Joint Order SP 800.
6/25/2025