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An Act To Adopt a Flat Corporate Income Tax
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 36 MRSA §5200, sub-§1,  as amended by PL 2005, c. 618, §6 and affected by §22, is repealed and the following enacted in its place:
 
1.  Imposition and rate of tax.     A tax is imposed for each taxable year at the rate of 8.5% on the Maine net income of each taxable corporation and on each group of corporations that derives income from a unitary business carried on by 2 or more members of an affiliated group.
 
SUMMARY
This bill repeals the 4-tiered corporate income tax rate and replaces it with a flat rate of 8.5%, which is intended to produce the same amount of revenue.