An Act Regarding the Distribution of Revenue from the Real Estate Transfer Tax
Maine Legislature, Session 131, LD 1454
Committee Amendment CA_A_S646 (Senate)
Amends: 36 MRSA §4641-A

COMMITTEE AMENDMENT " f\ " to S.P. 572, L.D. 1454, "An Act Regarding the
Distribution of Revenue from the Real Estate Transfer Tax"
Amend the bill by striking out the title and substituting the following:
'An Act to Increase the Real Estate Transfer Tax for Certain Properties'
Amend the bill by striking out all of the emergency preamble.
Amend the bill by striking out everything after the enacting clause and inserting the
following:
'See. 1. 36 MRSA §4641-A, sub-§l, ^A, as enacted by PL 2001, c. 559, Pt. I, §3
and affected by § 15, is amended to read:
A. The For transfers occurring prior to October15 2024^ the rate of the tax is $2.20
for each $500 or fractional part of $500 of the value of the property transferred. For
transfers occurrine on or after October 15. 2024. the rate of the tax is $2.20 for each
$500 or fractional part of $500 of the value of the property transferred that is less than
or equal to $ 1.000.000 and the rate of the tax is $2.70 for each $500 or fractional part
of $500 of the value of the uropertv transferred that exceeds $1.000.000,
Sec. 2. 36 MRSA §4641-A, sub-§2, ^[A, as enacted by PL 2001, c. 559, Pt. I, §3
arid affected by § 15, is amended to read;
A. ¥he For transfers occurring prior to October 15. 2024. the rate of the tax is $2.20
for each $500 or fractional part of $500 of the value of the real property owned by the
entity and located in this State. For transfers occurring on or after October 15. 2024.
the rate of the tax is $2.20 for each $500 or fractional part of $500 of the value of the
real property owned by the entity andlocated in this State that is less than or equal to
$1.000.000 and the rate of the tax is $2.70 for each $500 or fractional part of $500 of
the value of real property owned by the entifry and located in this State that exceeds
$1.000.000.
Sec. 3. Application. This Act applies to transfers of real property occurring on or
after October 15, 2024.
COMMITTEE AMENDMENT
ROS
COMMITTEE AMENDMENT"^- "to S.P. 572, L.D. 1454 / ^>-
Sec. 4. Appropriations and allocations. The following appropriations and
allocations are made.
ADMINISTRATIVE AND FINANCIAL SERVICES, DEPARTMENT OF
Revenue Services, Bureau of 0002
Initiative: Provides one-time funding for computer programming costs to implement a
change in the real estate transfer tax.
GENERAL FUND 2023-24 2024-25
AllOther $0 $1,500
GENERAL FUND TOTAL $0 $1,500
ADMINISTRATIVE AND FINANCIAL
SERVICES, DEPARTMENT OF
DEPARTMENT TOTALS 2023-24 2024-25
1516 GENERAL FUND $0 $1,500
DEPARTMENT TOTAL-ALL FUNDS $0 $1,500
HOUSING AUTHORITY, MAINE STATE
Housing Authority - State 0442
Initiative: Allocates additional funds due to an increase in revenue to the Housing
Opportunities for Maine Fund as a result of an increase in the rate of the real estate transfer
tax.
OTHER SPECIAL REVENUE FUNDS 2023-24 2024-25
AllOther $0 $1,143,000
OTHER SPECIAL REVENUE FUNDS TOTAL $0 $1,143,000
HOUSING AUTHORITY, MAINE STATE
DEPARTMENT TOTALS 2023-24 2024-25
OTHER SPECIAL REVENUE FUNDS $0 $1,143,000
DEPARTMENT TOTAL - ALL FUNDS $0 $1,143,000
SECTION TOTALS 2023-24 2024-25
3738 GENERAL FUND $0 $1,500
OTHER SPECIAL REVENUE FUNDS $0 $1,143,000
SECTION TOTAL-ALL FUNDS $0 $1,144,500
COMMITTEE AMENDMENT
ROS
COMMITTEE AMENDMENT " ^ " to S.P. 572, L.D. 1454^5 -
Amend the bill by relettering or renumbering any nonconsecutive Part letter or section
number to read consecutively.
SUMMARY
This amendment replaces the bill and changes the title. The amendment also removes
the emergency preamble and emergency clause. The amendment increases the rate of the
real estate transfer tax for the buyer and seller to $2.70 for each $500 or fractional part of
$500 of that portion of the value of the property transferred that exceeds $1,000,000. The
increase applies to transfers on or after October 15, 2024.
FISCAL NOTE REQUIRED
(See attached)
COMMITTEE AMENDMENT
Approved: 03/07/24 ^%Z«S
LD 1454 LR 1717(02)
An Act Regarding the Distribution of Revenue from the Real Estate Transfer Tax
Fiscal Note for Bill as Amended by Committee Amendment "^\
Committee: Taxation
Fiscal Note Required: Yes
Fiscal Note
Projections Projections
FY 2023-24 FY 2024-25 FY 2025-26 FY 2026-27
$0 ($1,357,500) ($1,294,000) ($1,359,000)
$0
$0
$0
$0
$1
$1
$1
$1,500
,143,000
,359,000
,143,000
$2,685
$1,294
$2,685
$0
,000
,000
,000
$2
$1
$2
$0
,820,000
,359,000
,820,000
Net Cost (Savings)
General Fund
Appropriations/AIIocations
General Fund
Other Special Revenue Funds
Revenue
General Fund
Other Special Revenue Funds
Fiscal Detail and Notes
Increasing the rate of the real estate transfer tax for the buyer and seller will increase real estate transfer tax revenue
by $2,502,000 in fiscal year 2024-25, with $1,359,000 being credited to the General Fund and $1,143,000 being
credited to the Housing Opportunities for Maine (HOME) Fund within the Maine State Housing Authority. The bill
includes an Other Special Revenue Funds allocation of $1,143,000 in fiscal year 2024-25 to the Maine State Housing
Authority to allow expenditure of the additional revenue received.
Beginning in fiscal year 2025-26, a portion of the additional real estate transfer tax revenue will be credited to the
Housing First Fund within the Department of Health and Human Services, No additional allocations are required in
the current biennium.
The bill includes a one-time General Fund appropriation of $1,500 in fiscal year 2024-25 for computer programming
costs associated with changing the real estate transfer tax rate.
LR 1717(02) - Fiscal Note - Page 1 of 1