An Act to Create and Sustam Jobs and Affordable Housmg Through the Development of Cooperatives and Employee-owned Busmesses
Maine Legislature, Session 131, LD 1276
Committee Amendment CA_A_S370 (Senate)

COMMITTEE AMENDMENT" A 
"to SP 513, L D 1276, "An Act to Create and 
Sustam Jobs and Affordable Housmg Through the Development of Cooperatives and 
Employee-owned Busmesses" 
Amend the bill m section 2 m subsect10n 4 m the 2nd, 3rd and 4th Imes (page 1, Imes 
to 10 m L D ) by stnkmg out the followmg "The office shall contract with a nonprofit 
economic development orgamzation with relevant expertise to develop and manage an 
office, to be known as the Mame Employee Ownership Center, that" and msertmg the 
followmg 'Withm available federal funds, the office may contract with a nonprofit 
economic development orgamzat10n with relevant expertise to develop and manage an 
office, to be known as the Mame Employee Ownership Center The center' 
Amend the bill by st1 ikmg out all of sections 7, 8, 9 and 10 
Amend the bill by msertmg after sect10n 11 the followmg 
'Sec. 12. Appropriations and allocations. The followmg app10pnat10ns and 
allocations are made 
ADMINISTRATIVE AND FINANCIAL SERVICES, DEPARTMENT OF 
Revenue Services, Bureau of 0002 
Imtiative Provides one-time fundmg for computer programmmg costs to modify tax 
returns to incorporate new mcome tax exempt10ns 
GENERAL FUND 
All Other 
GENERAL FUND TOTAL 
ADMINISTRATIVE AND FINANCIAL 
SERVICES, DEPARTMENT OF 
DEPARTMENT TOTALS 
2023-24 
$0 
$0 
2023-24 
COMMITTEE AMENDMENT 
2024-25 
$66,000 
$66,000 
2024-25 
ROS 
COMMITTEE AMENDMENT "A " to S P 513, L D 1276 
GENERAL FUND 
$0 
$66,000 
DEPARTMENT TOTAL-ALL FUNDS 
$0 
$66,000 
ECONOMIC AND COMMUNITY DEVELOPMENT, DEPARTMENT OF 
Busmess Development 0585 
Imtiat1ve Provides base allocat10ns to authorize expenditures m the event fede1 al funds are 
received to contract with a nonprofit economic development orgamzat10n with relevant 
expertise to develop and manage the Mame Employee Ownership Center 
FEDERAL EXPENDITURES FUND 
All Other 
FEDERAL EXPENDITURES FUND TOTAL 
ECONOMIC AND COMMUNITY 
DEVELOPMENT, DEPARTMENT OF 
DEPARTMENT TOTALS 
FEDERAL EXPENDITURES FUND 
DEPARTMENT TOTAL-ALL FUNDS 
SECTION TOTALS 
GENERAL FUND 
FEDERAL EXPENDITURES FUND 
SECTION TOTAL -ALL FUNDS 
2023-24 
$500 
$500 
2023-24 
$500 
$500 
2023-24 
$0 
$500 
$500 
2024-25 
$500 
$500 
2024-25 
$500 
$500 
2024-25 
$66,000 
$500 
$66,500 
Amend the bill by relettermg or renumbering any nonconsecutive Part letter 01 section 
number to read consecutively 
SUMMARY 
This amendment provides that the Office of Bus mess Development may contract with 
a nonprofit economic development orgamzatton to develop and manage the Mame 
Employee Ownership Center only 1f adequate federal funds are available to do so and 
removes from the bill prov1s1ons that p1 ov1de an exemption from the fi anch1se tax on 
financial mst1tut10ns for mterest received by a financial mst1tution on a quahfied busmess 
acqms1t1on loan 
FISCAL NOTE REQUIRED 
(See attached) 
COMMITTEE AMENDMENT 
Approved 06/08/23 ;:k?ac 
LD 1276 
LR 1824(02) 
An Act to Create and Sustain Jobs and Affordable Housing Through the Development of Cooperatives 
and Employee-owned Businesses 
Fiscal Note for Bill as Amended by Committee Amendment Jf (.S ,,,3 7 o) 
Committee: Taxation 
Net Cost (Savmgs) 
General Fund 
1.ppropriat1ons/ Allocations 
General Fund 
Federa] Expend1tures Fund 
Revenue 
General Fund 
Other Special Revenue Funds 
Fiscal DetaJI and Notes 
Fiscal Note Required: Yes 
Fiscal Note 
FY 2023-24 
FY 2024-25 
$0 
$0 
$500 
$0 
$0 
$512,500 
$66,000 
$500 
($446,500) 
($23,500) 
Projections 
FY2025-26 
$465,500 
$0 
$500 
($465,500) 
($24,500) 
ProJections 
FY2026-27 
$484,500 
$0 
$500 
($484,500) 
($25,500) 
Th1s bill prov1des mcome tax exempttons for tax years begmning on or after January 1, 2024, for capital gams and 
interest on loans associated w1th the transfer of business ownership to an employee stock ownership plan or a 
cooperative The new exemptions will reduce tax revenue beginning m fiscal year 2024-25 General Fund revenue will 
decrease by $446,500 and Local Government Fund revenue will decrease by $23,500 in that year The bill mcludes a 
one-t1me appropr1at1on to the Department of Admm1strat1ve Services, Bureau of Revenue Servtces of$66,000 m fiscal 
year 2024-25 for computer programming costs to modrfy mcome tax returns to mcorporate the new exemptions 
This bill mcludes ongomg Federal Expenditures Fund base allocations of $500 per year begmnmg m fiscal year 2023-
to the Business Development program w1thm the Department of Economic and Communrty Development to 
authorize expenditures to contract w1th a nonprofit economic development orgamzation with the required expertise to 
develop and manage the Mame Employee Ownership Center m the event federal funds are received for that purpose 
The responsibilities outlined m this bill are already reflected m statutonly assigned work for the Office of Program 
Evaluation and Government Accountab1hty (OPEGA) rn reviewing tax expenditures and w11I be absorbed w1thm 
eXIstmg staff and budget resources 
LR 1824(02) - Fiscal Note - Page 1 of 1