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Post details: Maine --Personal Income Tax: Flat Rate, New Credits Among Changes in Tax Reform Legislation
06/16/09
Maine --Personal Income Tax: Flat Rate, New Credits Among Changes in Tax Reform Legislation
CCH (cch.taxgroup.com) reports:
As previously reported (TAXDAY, 2009/06/15, S.14), Maine Gov. John Baldacci has signed legislation that changes the basic personal income tax structure. In addition to imposing a flat tax rate for all taxpayers and a surcharge on high-income taxpayers, the legislation repeals the personal exemptions and deductions and replaces them with a new "household credit." In addition, among other things, two more new credits are enacted, some existing credits and special taxes are repealed, and the earned income credit is made refundable. All changes apply to tax years beginning on or after January 1, 2010.
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