LD1924

Exempts Maine income tax on sales or leases of new residential housing for five years.

This bill provides a five-year moratorium on Maine income tax for residents and corporations on the sale or lease of new residential housing. "New residential housing" includes single-family and multi-unit residential housing, mobile homes, and manufactured housing. The tax exemption applies to the taxable year in which the new residential housing is first occupied by the purchaser or lessee and continues until the housing is no longer occupied by the purchaser or lessee or until December 31, 2031, whichever occurs first.