This bill increases the Property Tax Fairness Credit for Maine residents based on age and income.

The bill amends the Property Tax Fairness Credit to provide higher tax relief for Maine residents based on age and income. For tax years beginning on or after January 1, 2026, eligible residents who are 65 years old or older with an annual income at or below $36,000 can claim a credit against their taxes. The credit is equal to the amount by which the benefit base exceeds 3% of the resident's annual income. The credit may not exceed $1,000 for residents under 65 years old and $2,000 for those 65 and older. Married individuals filing jointly qualify if only one spouse meets the age requirement.

This bill increases the Property Tax Fairness Credit for Maine residents based on age and income.

The bill amends the Property Tax Fairness Credit to provide higher tax relief for Maine residents based on age and income. For tax years beginning on or after January 1, 2026, eligible residents who are 65 years old or older with an annual income at or below $36,000 can claim a credit against their taxes. The credit is equal to the amount by which the benefit base exceeds 3% of the resident's annual income. The credit may not exceed $1,000 for residents under 65 years old and $2,000 for those 65 and older. Married individuals filing jointly qualify if only one spouse meets the age requirement.