LD554

Excludes from state income tax gains from transferring business to cooperative housing.

Excludes from state income tax the amount of gain, up to a maximum of $750,000, recognized by a taxpayer in transferring the business to a consumer cooperative or cooperative affordable housing corporation. Specifies the policy objective and performance measures that the Office of Program Evaluation and Government Accountability, the Government Oversight Committee and the joint standing committee of the Legislature having jurisdiction over taxation matters must consider in developing evaluation parameters to perform the review of the tax deductions provided under this Act as required by the.