PRIA Logo™
MaineLD 1217132nd Maine Legislature (2025-2026)Senate

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

Sponsored By: Harold Stewart

Signed by Governor

INCOME TAXINCOME TAX - CREDITS

Personalized for You

How does this bill affect your finances?

Personalize government policy and PRIA will tell you what this bill means for your household, plus every other piece of legislation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.

Free to download

Bill Overview

Analyzed Economic Effects

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

New caps on New Markets credits

The law caps total state New Markets tax credit allocations at $250 million for Program 1 and $250 million for Program 2. A taxpayer cannot claim more than $20 million in any one state fiscal year during the seven-year credit period. Program 1 covers allocations before January 1, 2026; Program 2 covers allocations on or after that date. These limits restrict the size and timing of credit-backed investments in Maine.

Stricter timelines and 85% in-state use

After an allocation notice, a qualified entity must issue the investments and receive the cash within 24 months for Program 1, or 12 months for Program 2. It must send proof of cash receipt within 10 business days. Missing the deadline makes the unused allocation lapse and return to the authority. The entity must invest at least 85% of the cash in qualified Maine projects by the second anniversary (Program 1) or the first anniversary (Program 2), and keep that level through the final credit date. If money is repaid, it must reinvest it in Maine within 12 months; no reinvestment is required after the sixth anniversary.

Who can run Maine New Markets funds

An entity can qualify to run New Markets investments two ways. It can be a Maine fund with its main business in Maine for at least 60 months and must apply on the authority’s form with proof. Or it can meet the federal community development entity rules and have an allocation agreement with the U.S. Treasury’s CDFI Fund. These rules decide who can receive state credit allocations.

Sponsors & Cosponsors

Sponsor

  • Harold Stewart

    Affiliation unavailable

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. Signed by Governor, ACTPUB Chapter 497

    7/7/2025

  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

  • Amendment C-A (S-413), adopted by House & Senate

    PDF

  • Enacted

    PDF

  • Introduced

    PDF

Related Bills

Back to State Legislation