Provide Income Tax Relief for Maine Small Businesses By Increasing the Income Tax Surcharge Threshold

Last updated: May 15, 2017

Details about this bill
Category: Taxation
Status: Defeated
Sponsor: Senator Bill Diamond, Senate 26 - Cumberland County
Session: 128
Bill #: LD 829

Position:

Monitoring.

UPDATE: This bill was voted Ought Not to Pass.

Summary:

This bill amends the 3% surcharge imposed on individual taxable income over $200,000 to increase the threshold, for tax years beginning after 2017, to $300,000 for taxpayers filing as heads of households and to $400,000 for taxpayers filing married joint returns or surviving spouses permitted to file a joint return. Single individuals and married persons filing separate returns are still subject to the surcharge on taxable income over $200,000.