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MaineLD 554132nd Maine Legislature (2025-2026)SenateWALLET

An Act to Encourage Resident-owned Communities and Preserve Affordable Housing Through Tax Deductions

Sponsored By: Cameron D. Reny (Democratic)

Signed by Governor

INCOME TAXINCOME TAX - EXEMPTIONS

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Bill Overview

Analyzed Economic Effects

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

Tax break for owners selling to housing co-ops

Beginning January 1, 2025, you can deduct from your Maine taxable income the gain you include in federal adjusted gross income when you sell more than 50% of a qualifying housing business. The buyer must be a cooperative affordable housing corporation, a municipal housing authority, or its affiliate. The business sold must provide housing, be non‑publicly traded, and be registered in Maine or have its main office in Maine. The deduction is capped at $750,000 per taxpayer and applies only to gain that is taxed by Maine. Eligible businesses include corporations, S corporations, LLCs, LLPs, and sole proprietorships, including related entities under common control.

Business tax break for housing sales

Beginning January 1, 2025, businesses can deduct from Maine taxable income the gain they include in federal taxable income when selling more than 50% of a qualifying housing business. The buyer must be a cooperative affordable housing corporation, a municipal housing authority, or its affiliate. The business sold must provide housing, be non‑publicly traded, and be registered in Maine or have its main office in Maine. The deduction is capped at $750,000 and applies only to gain that is taxed by Maine. Eligible entities include corporations, S corporations, LLCs, LLPs, and sole proprietorships, including related entities under common control.

Sponsors & Cosponsors

Sponsor

  • Cameron D. Reny

    Democratic • Senate

Cosponsors

  • Donna Bailey

    Democratic • Senate

  • Chip Curry

    Democratic • Senate

  • Lori Gramlich

    Democratic • House

  • Traci Gere

    Democratic • House

  • Victoria Doudera

    Democratic • House

  • Wayne Farrin

    Democratic • House

Roll Call Votes

No roll call votes available for this bill.

Actions Timeline

  1. Signed by Governor, ACTPUB Chapter 455

    7/1/2025

  2. On motion by Senator ROTUNDO of Androscoggin taken from the Special Appropriations Table PASSED TO BE ENACTED in concurrence.

    6/25/2025Senate

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

    6/2/2025Senate

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

    6/2/2025House

  5. CONSENT CALENDAR - FIRST DAYUnder suspension of the rules CONSENT CALENDAR - SECOND DAY.The Bill was PASSED TO BE ENGROSSED as Amended by Committee Amendment "A" (S-163).In concurrence. ORDERED SENT FORTHWITH.

    5/29/2025House

  6. Report READ and ACCEPTED.READ ONCE.Committee Amendment "A" (S-163) READ and ADOPTED.Under suspension of the Rules, READ A SECOND TIME and PASSED TO BE ENGROSSED AS AMENDED BY Committee Amendment "A" (S-163).Ordered sent down forthwith for concurrence.

    5/28/2025Senate

  7. 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

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

    2/11/2025House

  9. Committee on TAXATION suggested and ordered printed REFERENCE to the Committee on TAXATION Ordered sent down forthwith for concurrence

    2/11/2025Senate

Bill Text

  • Amendment C-A (S-163), adopted by House & Senate

    PDF

  • Enacted

    PDF

  • Introduced

    PDF

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