An Act Creating And Sustaining Jobs Through The Development Of Cooperatives And Employee-Owned Businesses By Providing Tax Deductions For Certain Qualified Business Activities
Died in Possession of the Senate when the Legislature adjourned Sine Die and was PLACED IN THE LEGISLATIVE FILES. (DEAD)
Summary
The bill directs the Office of Business Development to contract with a nonprofit to operate the Maine Employee Ownership Center, which will offer education and assistance for businesses converting to employee or cooperative ownership. It also lets owners exclude up to $750,000 of gain and lets lenders exclude interest received on loans that finance such conversions, aiming to keep jobs in Maine.
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