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ME LD1294

Bill

Official Source

Status

Enrolled

6/13/2025

Primary Sponsor

Matthea Larsen Daughtry

Click for details

Origin

Senate

132nd Legislature

AI Summary

  • Doubles the dependent exemption tax credit from $300 to $600 for each dependent under 6 years of age, effective for tax years beginning January 1, 2025
  • Maintains the $300 credit for dependents age 6 and older
  • Accelerates the transition to the new credit structure by one year, moving the effective date from 2026 to 2025
  • Establishes new income-based phase-out thresholds starting in 2025: $100,000 for single filers, $125,000 for head of household, and $150,000 for married joint filers or surviving spouses
  • Credit phases out at a rate of $20 for each $500 of income above the applicable threshold

Legislative Description

An Act to Expand the Dependent Exemption Tax Credit

Income Tax

Last Action

CARRIED OVER, in the same posture, to any special or regular session of the 132nd Legislature, pursuant to Joint Order SP 800.

6/25/2025

Committee Referrals

Taxation3/25/2025

Full Bill Text

No bill text available