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132nd MAINE LEGISLATURE |
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LD 435 |
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LR 369(02) |
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An Act to Expand
the Historic Property Rehabilitation Tax Credit |
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Fiscal Note for
Bill as Amended by Committee Amendment " " |
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Committee: Taxation |
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Fiscal Note Required: Yes |
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| Fiscal Note |
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FY 2025-26 |
FY 2026-27 |
Projections FY 2027-28 |
Projections FY 2028-29 |
| Net Cost
(Savings) |
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General Fund |
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$166,286 |
$631,703 |
$828,417 |
$1,109,169 |
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| Appropriations/Allocations |
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General Fund |
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$166,286 |
$360,953 |
$286,917 |
$296,919 |
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| Revenue |
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General Fund |
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$0 |
($270,750) |
($541,500) |
($812,250) |
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Other Special Revenue Funds |
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$0 |
($14,250) |
($28,500) |
($42,750) |
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| Fiscal Detail
and Notes |
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This bill
includes a revenue decrease to the General Fund of $270,750 in fiscal year
2026-27 by expanding the tax credit for rehabilitation of historic properties
for eligible projects beginning on tax years on or after January 1, 2026. The
bill also includes a revenue decrease to the Local Government Fund of $14,250
in fiscal year 2026-27.
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Additionally, the
bill includes a one-time General Fund appropriation to the Bureau of Revenue
Services within the Department of Administrative and Financial Services of
$33,662 in fiscal year 2026-27 to fund computer programming costs associated
with the provisions of this bill.
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The bill also
includes ongoing General Fund appropriations of $166,286 in fiscal year
2025-26 and $327,291 in fiscal year 2026-27 to the Maine Historic
Preservation Commission for the costs associated with implementing the
requirements of this bill. Of this amount, $166,286 in fiscal year 2025-26
and $277,291 is appropriated on an ongoing basis for 2 Historic
Preservationist Coordinator positions and related All Other costs to perform
certification obligations for the expanded small project credit and the new
tax credit for the rehabilitation and weatherization of historic homes. This
fiscal note assumes that one position will begin on October 1, 2025 and one
position will begin on January 1, 2026. Additionally, $50,000 is appropriated
on a one-time basis in fiscal year 2026-27 for consulting services to assist
in the analysis of the use of the tax credits provided. |
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