Maine Enacts Conformity Legislation

A Maine income tax conformity bill became law without Gov. Paul LePage’s signature. The legislation also makes various other changes to the state’s income tax laws. For details on the legislation’s provisions, see the earlier story announcing the bill’s passage by the Maine Legislature. (TAXDAY, 2018/09/05, S.8)

Significant Changes Made by the Legislation

In addition to updating the state’s IRC conformity date, the legislation makes several other significant changes concerning:

– corporate tax brackets;

– net operating loss deductions;

– alternative minimum tax for corporations;

– foreign-earned income;

– standard deductions;

– itemized deductions;

– personal exemptions;

– education savings plans;

– domestic production activities deductions;

– sales and property tax fairness credits; and

– fiduciary adjustments for tax on trusts and estates.

New Credits Enacted

New credits are also created for:

– dependent exemptions; and

– employer-paid family and medical leave.

L.D. 1655 (S.P. 612), Laws 2018, effective September 12, 2018

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All stories by: CCHTaxGroup