MaineProposed amendment would refund two Maine business tax credits
A proposed replacement amendment would let Maine businesses seek refunds for two tax credits starting in 2027, subject to limits on which unused credits qualify.
What it does
Businesses could get refunds for these credits starting with tax years beginning in 2027. Certain unused credits from 2021 through 2026 could also qualify if claimed on time.
A person could generate either credit for no more than 10 consecutive tax years, counted from the first tax year beginning on or after January 1, 2021, for which the credit is allowed.
The department would report information about the credits for 2027 through 2030 to the Legislature's taxation committee by December 31, 2031.
Argument forBusinesses could receive refunds for credits that exceed their tax bill, including certain unused credits from 2021 through 2026.
Argument againstBusinesses may have fewer years to generate either credit because the amendment sets a 10-year limit for each.
More detail
The proposed replacement amendment would make both credits refundable for tax years beginning on or after January 1, 2027. The credits are for commercial biofuel production and use, and for renewable chemicals. A refund could include unused credits from 2021 through 2026 only if they were generated and claimed on a timely filed Maine income tax return. Refundability would apply to tax years beginning on or after January 1, 2027.
The proposed replacement amendment states that a person may generate either credit for no more than 10 consecutive tax years. The limit covers the biofuel and renewable chemicals credits. The 10-year period would be counted from the first tax year beginning on or after January 1, 2021, for which the credit is allowed.
The proposed replacement amendment would direct the Department of Economic and Community Development to report credit information to the Legislature's taxation committee. The report would cover information taxpayers provide about both credits. After receiving the report, the committee could propose legislation related to the credits. The report would be due on or before December 31, 2031, and cover tax years 2027, 2028, 2029, and 2030.
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Where it stands
- Introduced
- Passed 1st Chamber
- Became Law
- Died
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Apr 29Died in Possession of the Senate when the Legislature adjourned Sine Die and was PLACED IN THE LEGISLATIVE FILES. (DEAD)Died
- Apr 8On motion by Senator ROTUNDO of Androscoggin PLACED ON THE SPECIAL APPROPRIATIONS TABLE pending PASSAGE TO BE ENACTED, in concurrence.
- Apr 8Sent for concurrence. ORDERED SENT FORTHWITH.
- Apr 8PASSED TO BE ENACTED.Became Law
- Apr 8In concurrence. ORDERED SENT FORTHWITH.
- Apr 8The Bill was PASSED TO BE ENGROSSED as Amended by Committee Amendment "A" (S-639).Minor
- Apr 8Under suspension of the rules, the Bill was given its SECOND READING without REFERENCE to the Committee on Bills in the Second Reading.
- Apr 8Committee Amendment "A" (S-639) was READ and ADOPTED.Minor
- Apr 8The Bill was READ ONCE.Minor
- Apr 8On motion of Representative SAYRE of Kennebunk, the Majority Ought to Pass as Amended Report was ACCEPTED.
- Apr 8Reports READ.
- Apr 7Reported Out - OTP-AM/ONTP
- Apr 7Sent down for concurrence.
- Apr 7Under suspension of the Rules, READ A SECOND TIME and PASSED TO BE ENGROSSED AS AMENDED by Committee Amendment "A" (S-639)Minor
- Apr 7Committee Amendment "A" (S-639) READ and ADOPTED.Minor
- Apr 7READ ONCEMinor
- Apr 7On motion by Senator GROHOSKI of Hancock The Majority Ought to Pass As Amended Report ACCEPTED.
- Apr 7Reports READ.
- Feb 12Voted - Divided Report
- Feb 12Work Session Held
- Feb 3Work Session Held - TABLED
- 2025
- Dec 9Received by the Secretary of the Senate on December 9, 2025 and REFERRED to the Committee on TAXATION pursuant to Joint Rule 308.2Introduced
Taxes & Budget