Maine Senate unanimously enacts compromise tax conformity legislation
AUGUSTA—On Thursday, the Maine Senate unanimously voted to enact compromise legislation amending Maine’s tax code to better support Maine-based businesses and families. LD 1655, “An Act To Update References to the United States Internal Revenue Code of 1986 Contained in the Maine Revised Statutes,” comes in response to changes made to the tax code at the federal level. Key components of the compromise tax deal include property tax relief, incentives for paid family medical leave and an extension of the Maine Capital Investment Credit.
Assistant Senate Democratic Leader Nate Libby of Lewiston and Sen. Justin Chenette, of Saco, the ranking Senate Democratic member on the Taxation Committee released the following statements:
Asst. Senate Democratic Leader Nate Libby:
“Maine deserves a reasonable tax code that accurately reflects the needs of our state and our values. This tax proposal make it a little easier for Maine families, seniors and small businesses to get by. It also rewards Maine’s small business to provide paid family medical leave, so working Mainers can afford to take time off to care for their children and aging parents. It’s a smart, balanced bill that is good for our state and economy.”
Sen. Justin Chenette:
“The wealthy are already doing well under the new Federal tax system. We need a state tax code that works better for working families and small businesses, who play a vital role in our communities and economy. While this legislation is far from perfect, it represents a compromise that provides real property tax relief to Maine people and rejects more tax breaks for the extremely wealthy. I’m proud of what my colleagues and I on the taxation committee were able to achieve with this bipartisan rejection of President Trump’s tax law.”
LD 1655 will now head to the Governor’s office awaiting his signature. Gov. LePage has 10 days to sign the bill, veto it, or allow it to take effect without his signature.