Maine 2023-2024 Regular Session

Maine Senate Bill LD2258

Introduced
3/7/24  
Refer
3/7/24  
Engrossed
4/12/24  
Enrolled
4/16/24  

Caption

An Act to Create an Income Tax Credit for Investments in a Team's Qualified Minor League Baseball Facility to Keep the Team in the State

Impact

If enacted, the bill would modify state tax regulations, creating new pathways for fiscal benefits for investments directed towards professional baseball. The legislation places an emphasis on supporting local economies through job creation and infrastructure improvements associated with these facilities. The bill mandates that recipients of this tax credit adhere to specific employment standards, including providing fair wages and benefits, which could further influence labor market conditions in the region.

Summary

LD2258, titled 'An Act to Create an Income Tax Credit for Investments in a Team's Qualified Minor League Baseball Facility to Keep the Team in the State', was introduced with the intent of incentivizing investments in minor league baseball facilities. The bill proposes a refundable income tax credit to taxpayers who invest at least $1,000,000 in qualified facilities over a defined period. This legislative act aims to retain minor league teams within Maine by providing financial support to enhance their facilities, thereby promoting local economic growth and job creation.

Sentiment

The sentiment surrounding LD2258 appears to be generally supportive among various stakeholders, particularly those involved in local baseball organizations and economic development agencies. Proponents argue that this bill can be a catalyst for economic rejuvenation and community engagement through sports. However, some concerns have been raised regarding the potential long-term fiscal impact on the state's budget due to the tax incentives provided, leading to a cautious but optimistic view among budget watchdogs and fiscal conservatives.

Contention

Key points of contention regarding the bill revolve around its financial implications and the prioritization of public funds for sports facilities. Critics question whether the resources spent on tax credits for private investments in baseball facilities could be better allocated to other critical sectors like education or healthcare. The bill specifies mechanisms for recapturing the tax credits if investments fail to meet outlined conditions, which attempts to address concerns about accountability and prudent use of state resources.

Companion Bills

No companion bills found.

Previously Filed As

ME HB239

Income tax; purchases and acquisitions of qualified investment property to include mining facilities; expand credits

ME HB4657

Creating the Critical Mineral Investment Tax Credit Act of 2022

ME SB422

Income taxes: credits: qualified employees.

ME AB2041

Income taxes: credits: qualified employees.

ME HB34

Income tax; purchases and acquisitions of qualified investment property for manufacturing and telecommunications facilities to include mining facilities; expand credit

ME HB2797

Providing for full transferability of tax credits for investments in certain qualified business facilities.

ME HB8

Income tax credit; certain investments in qualified businesses; renew and revise

ME SB1482

Income tax credit; providing credit for investment in qualified depreciable property. Emergency.

ME S3757

Permits deduction of 20 percent for qualified business income for certain individuals as owners of pass-through entities under gross income tax and corporation business tax.

ME A2706

Eliminates requirement that taxpayer that qualifies as S corporation for federal tax purposes affirmatively elect New Jersey S corporation status for purposes of corporation business and gross income taxes.

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