An Act To Provide An Income Tax Credit For Certain Disaster Mitigation Projects For Working Waterfront Property

This bill creates a 30% income tax credit (capped at $300,000 annually) for small waterfront businesses in Maine that make qualifying disaster mitigation improvements to their property. It directly affects businesses meeting the gross receipts test ($47 million average annual revenue over 3 years) that operate on "working waterfront property" (e.g., commercial fishing, boating, or aquaculture operations with water access). Qualifying projects include structural elevation, stormwater management systems, erosion control, flood-resistant construction, and hazard warning systems designed to meet specific building codes. The credit applies to costs of projects completed after January 1, 2025, and cannot be combined with other similar tax credits. Unused credit amounts may be carried forward for up to 10 years.