LD1504

Maine LD1504 proposes a refundable tax credit for small businesses to offset credit and debit card transaction fees.

Maine LD1504 creates a tax credit for businesses with less than $2,400,000 in annual gross sales that accept credit or debit cards and are charged transaction fees by card issuers. The credit is the lesser of the fees paid or 2.5% of the sales tax remitted by the business. This credit is refundable, meaning businesses can receive the credit even if they owe no tax. The bill also allows the assessor to adopt technical rules to implement these provisions.