An Act To Support Small Businesses By Providing A Refundable Tax Credit To Certain Businesses To Offset Credit And Debit Card Transaction Fees

This bill creates a refundable tax credit for Maine small businesses with annual gross sales under $2.4 million that accept credit or debit cards. The credit offsets fees these businesses pay to card issuers for processing transactions, calculated as the lesser of the actual fees paid or 2.5% of the business's sales tax remitted to the state. Businesses must maintain records of their transaction fees and annual sales to claim the credit. The credit is refundable, meaning businesses can receive a cash refund if the credit exceeds their tax liability.