Lower Income Taxes for Middle-income Families in Maine

Last updated: Feb 28, 2021

Details about this bill
Category: Taxation
Status: In Committee
Sponsor: Senator Joe Baldacci, Senate 9 - Penobscot County
Session: 130
Bill #: LD 532

Position:

Opposed.

Summary:

Senator Baldacci of Penobscot would provide a credit to reduce income taxes by 10% for individuals filing as single individuals and married persons filing separately with taxable income under $60,000, heads of households with taxable income under $90,000 and individuals filing married joint returns and surviving spouses with taxable income under $120,000. The bill also provides an additional income tax bracket with a tax rate of 7.95% for individuals taxable income exceeding $200,000.