Eliminate the 3 Percent Surcharge on Certain Income and Provide an Alternative Funding Source for the Fund To Advance Public Kindergarten to Grade 12 Education

Last updated: Mar 26, 2018

Details about this bill
Category: Taxation
Status: Defeated
Sponsor: Senator Dana Dow, Senate 13 - Lincoln County
Session: 128
Bill #: LD 571

Position:

Support.

UPDATE: This bill is recommended to be carried over to 2018. It will be used as a fall-back in case this issue is not fixed this year or if they need a last minute bill to advance something.

Summary:

This bill is a concept draft pursuant to Joint Rule 208.

This bill proposes to eliminate the 3% surcharge imposed on individual income over $200,000, which is imposed to fund the Fund to Advance Public Kindergarten to Grade 12 Education. Instead, this bill would supplant the revenue from the surcharge with 2 alternate sources:

1. All of the revenue from the tax imposed on the sale of recreational marijuana products, except for the amount retained for training law enforcement personnel on marijuana-related laws and rules; and

2. All surplus revenue generated by growth in the Maine economy up to the amount needed by the State to meet its obligation of funding 55% of public education from kindergarten to grade 12.