SP0275, LD 829, item 1, An Act To Increase the Income Tax Surcharge Threshold Imposed on Households

An Act To Increase the Income Tax Surcharge Threshold Imposed on Households

Be it enacted by the People of the State of Maine as follows:

Sec. 1. 36 MRSA §5111, sub-§6, ¶A, as enacted by IB 2015, c. 4, §2, is amended to read:

A. For tax years beginning on or after January 1, in 2017, in addition to any other tax imposed by this chapter, a tax at the rate of 3% is imposed on that portion of the taxpayer's Maine taxable income in excess of $200,000.

Sec. 2. 36 MRSA §5111, sub-§6, ¶A-1 is enacted to read:

A-1. For tax years beginning on or after January 1, 2018, in addition to any other tax imposed by this chapter, a tax at the rate of 3% is imposed on that portion of the taxpayer's Maine taxable income in excess of:

(1) For single individuals and married persons filing separate returns, $200,000;

(2) For unmarried individuals or legally separated individuals who qualify as heads of households, $300,000; and

(3) For individuals filing married joint returns or surviving spouses permitted to file a joint return, $400,000.

SUMMARY

This bill amends the 3% surcharge imposed on individual taxable income over $200,000 to increase the threshold, for tax years beginning after 2017, to $300,000 for taxpayers filing as heads of households and to $400,000 for taxpayers filing married joint returns or surviving spouses permitted to file a joint return. Single individuals and married persons filing separate returns are still subject to the surcharge on taxable income over $200,000.

SP0275 LD 829	Session - 128th Maine Legislature		LR 1826 Item 1
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