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ME LD856

Bill

Official Source

Status

Failed

6/11/2025

Primary Sponsor

David Boyer

Click for details

Origin

House of Representatives

132nd Legislature

AI Summary

  • Phases out Maine's individual and corporate income taxes over 5 years beginning January 1, 2026, with complete elimination by January 1, 2030
  • Reduces income tax liability by 20% annually: 80% of calculated tax in 2026, 60% in 2027, 40% in 2028, and 20% in 2029
  • Requires the Bureau of the Budget to reduce all state department budgets proportionally each fiscal year to match the revenue losses from the tax phase-out
  • Directs the Bureau of Revenue Services to submit corrective legislation by January 1, 2029 to address statutory conflicts resulting from the income tax repeal
  • Applies to all filing categories including single filers, heads of households, married joint filers, and corporations

Legislative Description

An Act to Phase Out the Income Tax

Income Tax

Last Action

Placed in Legislative Files (DEAD)

6/11/2025

Committee Referrals

Taxation3/4/2025

Full Bill Text

No bill text available