ME LD221

Requires Commissioner of Administrative and Financial Services approval before the state tax assessor can grant filing or payment extensions with material budgetary impact, with written notice to the Governor and legislative leaders

Mandates the Commissioner report to the Governor and legislative leaders when federal income tax law changes occur before the Legislature has had opportunity to adjust Maine tax laws accordingly

Authorizes the Governor to direct temporary adjustments to Maine income tax administration based on federal changes, contingent on future legislative action to formally address those changes

Protects taxpayers from interest and penalties on underpayments or incorrect refunds resulting from variances between temporary filing instructions and subsequently enacted legislation

Allows the Legislature's taxation committee to convene hearings with at least 2 weeks public notice and report out related bills in response to temporary tax adjustments