Maine Governor Signs Bill Creating State LIHTC

Tuesday, February 18, 2020 - 9:30AM

Maine Gov. Janet Mills signed legislation to create state low-income housing tax credit (LIHTC). H.P. 1180 creates a state LIHTC equal to the federal LIHTC, beginning Jan. 1, 2021. The Maine LIHTC will have a $10 million annual statewide cap, but unallocated funds can be carried forward to create a maximum $15 million per year. A minimum of 10 percent of the credits must be allocated to rural development preservation projects and the legislative language calls for the tax credit allocation authority to seek to allocate at least 30 percent of the credits for senior housing. The credit will sunset at the end of 2028.

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