Tax Headlines


Maine ~ Personal Income Tax: House Passes Rate Reduction Bill

The Maine House of Representatives has passed a revised version of a bill that, if enacted, would gradually reduced personal income tax rates in the future until there is a single rate of 4%. The rate reductions would be funded by excess revenue deposited into the Tax Relief Fund for Maine Residents. The original bill was passed by the Maine Senate (TAXDAY, 2012/03/20, S.14), but rejected by the House of Representatives (TAXDAY, 2012/03/30, S.8).

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2012 Inflation Adjustments and Reference Prices for Renewable Energy Production Credit Released (Notice)

The IRS has published the inflation adjustment factors and reference prices to be used in computing the renewable electricity production credit for calendar year 2012. The inflation adjustment factors and references prices apply to sales in calendar year 2012 of kilowatt hours of electricity produced in the United States or a U.S. possession from qualified energy resources, and to 2012 sales of refined coal and Indian coal produced in the U.S. or one of its possessions.

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