Maine LD756 provides tax deductions for businesses converting to employee or cooperative ownership.

Maine LD756 aims to support employee-owned businesses and cooperatives by offering tax deductions. It excludes from Maine income tax the gain recognized by a business owner in transferring the business to an employee stock ownership plan, eligible worker-owned cooperative, consumer cooperative, or agricultural producer cooperative, up to a maximum of $750,000. It also excludes from Maine income tax interest from loans used for acquiring majority equity ownership of a qualified business not owned by an entity under specific conditions.

Maine LD756 provides tax deductions for businesses converting to employee or cooperative ownership.

Maine LD756 aims to support employee-owned businesses and cooperatives by offering tax deductions. It excludes from Maine income tax the gain recognized by a business owner in transferring the business to an employee stock ownership plan, eligible worker-owned cooperative, consumer cooperative, or agricultural producer cooperative, up to a maximum of $750,000. It also excludes from Maine income tax interest from loans used for acquiring majority equity ownership of a qualified business not owned by an entity under specific conditions.