An Act to Increase the Maximum Amount of the Historic Property
Maine Legislature, Session 132, LD 0146
Committee: Taxation
Sponsors: ROTUNDO, FECTEAU, DAUGHTRY
Amends: 36 MRSA §5219-B

Legislative Document
No. 146
S.P. 82
In Senate, January 14, 2025
An Act to Increase the Maximum Amount of the Historic Property 
Rehabilitation Tax Credit That May be Taken in a Year
Reference to the Committee on Taxation suggested and ordered printed.
DAREK M. GRANT
Secretary of the Senate
Presented by Senator ROTUNDO of Androscoggin.
Cosponsored by Speaker FECTEAU of Biddeford and
Senators: BENNETT of Oxford, President DAUGHTRY of Cumberland, Representatives: 
GATTINE of Westbrook, RANA of Bangor.
Be it enacted by the People of the State of Maine as follows:
Sec. 1.  36 MRSA §5219-BB, sub-§4, as repealed and replaced by PL 2013, c. 550, 
§1 and affected by §2, is amended to read:
4.  Maximum credit.  The For tax years beginning before January 1, 2025, the credit 
allowed pursuant to this section and section 2534 may not exceed the greater of:
A.  Five million dollars for the portion of a certified rehabilitation as defined by the 
Code, Section 47(c)(2)(C) placed in service in the State in the taxable year; and
B.  Five million dollars for each building that is a component of a certified historic 
structure for which a credit is claimed under this section.
Sec. 2.  36 MRSA §5219-BB, sub-§4-A is enacted to read:
4-A.  Maximum credit; beginning 2025.  For tax years beginning on or after January 
1, 2025, the credit allowed pursuant to this section and section 2534:
A.  In the first year in which the credit may be claimed, may not exceed the greater of:
(1)  Ten million dollars for the portion of a certified rehabilitation as defined by 
the Code, Section 47(c)(2)(C) placed in service in the State in the taxable year; and
(2)  Ten million dollars for each building that is a component of a certified historic 
structure for which a credit is claimed under this section;
B.  In the 2nd year in which the credit may be claimed, may not exceed the greater of:
(1)  Ten million dollars minus the credit allowed under paragraph A, subparagraph 
(1) for the portion of a certified rehabilitation as defined by the Code, Section 
47(c)(2)(C) placed in service in the State in the taxable year; and
(2)  Ten million dollars minus the credit allowed under paragraph A, subparagraph 
(2) for each building that is a component of a certified historic structure for which 
a credit is claimed under this section; and
C.  In the 3rd and subsequent years in which the credit may be claimed, may not exceed 
the greater of:
(1)  Five million dollars for the portion of a certified rehabilitation as defined by 
the Code, Section 47(c)(2)(C) placed in service in the State in the taxable year; and
(2)  Five million dollars for each building that is a component of a certified historic 
structure for which a credit is claimed under this section.
SUMMARY
This bill changes the maximum tax credit allowed for certified historic structure 
rehabilitation projects for the first 2 years in which a credit may be claimed. It changes the 
maximum from $5,000,000 in each of the first 2 years to $10,000,000 total across the first 
years combined. It makes no changes to the $5,000,000 maximum tax credit allowed in 
subsequent years.  This change applies to tax years beginning on or after January 1, 2025.