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An Act To Reduce the Income Tax on Capital Gains
Be it enacted by the People of the State of Maine as follows:
Sec. 1.  36 MRSA §5122, sub-§2, ¶MM  is enacted to read:
 
MM.  For income tax years beginning on or after January 1, 2013, an amount equal to income derived in that tax year for a capital gain derived from the sale of an asset held for more than one year by the taxpayer.
Sec. 2.  36 MRSA §5204-C  is enacted to read:
§ 5204-C. Capital gains
For income tax years beginning on or after January 1, 2013, in addition to any other tax imposed by this Part, the tax owed on income derived from capital gains derived from the sale of an asset held by a taxpayer for more than one year is 3%.
 
SUMMARY
Currently under state law, long-term capital gains are taxed as regular income. This bill taxes income derived from the sale of assets held for more than one year at 3%.