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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)

Became Law

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 individuals selling housing businesses

Beginning January 1, 2025, you can deduct up to $750,000 of gain from Maine taxable income. It applies when you sell more than 50% of a privately held housing business to a cooperative affordable housing corporation, a municipal housing authority, or its affiliate. The gain must be in your federal adjusted gross income, and you must be subject to Maine income tax. The business must be not publicly traded and be registered in Maine or have its main office in Maine. This is a one-time deduction tied to that sale.

Corporate tax break for housing business sales

Beginning January 1, 2025, corporations that pay Maine corporate income tax can deduct up to $750,000 of gain from Maine taxable income. It applies when the company sells more than 50% of a privately held housing business to a cooperative affordable housing corporation, a municipal housing authority, or its affiliate. The gain must be in federal taxable income. The business must be not publicly traded and be registered in Maine or have its main office in Maine. This is a one-time deduction tied to that sale.

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. ACTPUB Chapter 455

    5/1/2026

  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

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