This bill does the following to support resident-owned communities and cooperatives.
1. It excludes from state income tax the amount of gain, up to a maximum of $750,000, recognized by a taxpayer in transferring the business to a consumer cooperative or cooperative affordable housing corporation.
2. It specifies the policy objective and the performance measures that the Office of Program Evaluation and Government Accountability, the Government Oversight Committee and the joint standing committee of the Legislature having jurisdiction over taxation matters must consider in developing evaluation parameters to perform the review of the tax deductions provided under the bill as required by the Maine Revised Statutes, Title 3, chapter 37.