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MaineLD 1217132nd Maine Legislature (2025-2026)SenateWALLET

An Act Regarding the New Markets Tax Credit and the Maine New Markets Capital Investment Program

Sponsored By: Trey L. Stewart (Republican)

Became Law

INCOME TAXINCOME TAX - CREDITS

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 0 benefits, 1 costs, 2 mixed.

Tighter caps and issuance deadlines for credits

The state caps total qualified equity investments at $250 million for Program 1 and $250 million for Program 2. No single claim can exceed $20 million in any one state fiscal year during the seven credit years. After you get an allocation notice, you must issue and receive cash within 24 months (Program 1) or 12 months (Program 2). You must show proof of cash received within 10 business days. Any unused allocation lapses and returns to the state for reissue.

More in-state investment and hold rules

Allocations before January 1, 2026 are Program 1; on or after that date are Program 2. At least 85% of each qualified equity investment’s cash must go to qualified Maine low‑income community businesses. Do this by the second anniversary of the initial credit allowance date for Program 1, or by the first anniversary for Program 2. Keep at least 85% invested until the last credit allowance date. If an investment is sold or repaid, reinvest the returned capital (not profits) in another qualified Maine business within 12 months; no reinvestment is needed for capital returned after the sixth anniversary.

Who can offer Maine New Markets credits

An entity qualifies if it is a Maine fund or meets the federal Section 45D definition and has a CDFI Fund allocation agreement. A Maine fund must show its principal business has been in Maine for at least 60 months when applying for state credit authority. Applications use the authority’s form.

Sponsors & Cosponsors

Sponsor

  • Trey L. Stewart

    Republican • Senate

Cosponsors

  • Bruce Bickford

    Republican • Senate

  • Ryan Fecteau

    Democratic • House

Roll Call Votes

All Roll Calls

Yes: 173 • No: 74

Senate vote • 6/25/2025

COMMIT

Yes: 12 • No: 21

Senate vote • 6/25/2025

RECONSIDER

Yes: 12 • No: 21

House vote • 6/17/2025

ACC MAJ OTP AS AMENDED REP

Yes: 119 • No: 27

Senate vote • 6/16/2025

ACCEPT MAJORITY OUGHT TO PASS AS AMENDED REPORT

Yes: 30 • No: 5

Actions Timeline

  1. ACTPUB Chapter 497

    5/1/2026

  2. On motion by Senator ROTUNDO of Androscoggin taken from the Special Appropriations Table Motion by Senator TIPPING of Penobscot to COMMIT Bill and accompanying papers to the Committee on Taxation FAILED Roll Call Ordered Roll Call Number 657 Yeas 12 - Nays 21 - Excused 2 - Absent 0 Subsequently, PASSED TO BE ENACTED in concurrence. Held at the Request of GROHOSKI of Hancock RELEASED. Motion by Senator STEWART of Aroostook to RECONSIDER whereby the Bill was PASSED TO BE ENACTED FAILED Roll Call Ordered Roll Call Number 659 Yeas 12 - Nays 21 - Excused 2 - Absent 0

    6/25/2025Senate

  3. On motion by Senator ROTUNDO of Androscoggin PLACED ON THE SPECIAL APPROPRIATIONS TABLE pending ENACTMENT in concurrence.

    6/18/2025Senate

  4. PASSED TO BE ENACTED. Sent for concurrence. ORDERED SENT FORTHWITH.

    6/18/2025House

  5. Reports READ.On motion of Representative CLOUTIER of Lewiston, the Majority Ought to Pass as Amended Report was ACCEPTED.ROLL CALL NO. 558(Yeas 119 - Nays 27 - Absent 3 - Excused 2)The Bill was READ ONCE.Committee Amendment "A" (S-413) was READ and ADOPTED.Under suspension of the rules, the Bill was given its SECOND READING without REFERENCE to the Committee on Bills in the Second Reading.The Bill was PASSED TO BE ENGROSSED as Amended by Committee Amendment "A" (S-413). In concurrence. ORDERED SENT FORTHWITH.

    6/17/2025House

  6. Reports ReadOn motion by Senator GROHOSKI of Hancock the Majority Ought to Pass as Amended Report ACCEPTED. PREVAILED Roll Call Ordered Roll Call Number 583 Yeas 30 - Nays 5 - Excused 0 - Absent 0 READ ONCE Committee Amendment "A" (S-413) READ and ADOPTED Under suspension of the Rules, READ A SECOND TIME and PASSED TO BE ENGROSSED AS AMENDED by Committee Amendment "A" (S-413) Sent down for concurrence

    6/16/2025Senate

  7. The Bill was REFERRED to the Committee on TAXATION.In concurrence. ORDERED SENT FORTHWITH.

    4/1/2025House

  8. Taken from the table by the President On motion by Senator GROHOSKI of Hancock The Bill was REFERRED to the Committee on TAXATION Ordered sent down forthwith for concurrence

    3/27/2025Senate

  9. Unfinished Business

    3/25/2025Senate

  10. CARRIED OVER, in the same posture, to the next special or regular session of the 132nd Legislature, pursuant to Joint Order SP 519.

    3/21/2025Senate

  11. Committee on TAXATION suggested and ordered printed On motion by Senator GROHOSKI of Hancock Tabled until Later in Today's Session, pending REFERENCE Unfinished Business

    3/21/2025Senate

Bill Text

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