Tax Reform

Historic Bill Passed

The Maine Legislature has done something extraordinary. After years of work (and many failed attempts), Maine passed the first comprehensive overhaul to its tax code in 40 years. Hailed by the Wall Street Journal as the “Maine Miracle,” the new tax plan is designed to spur economic development, stabilize state revenues, and provide some direct tax relief. The plan has been enthusiastically supported by all of Maine’s major newspapers, Maine’s chapter of American Association of Retired Persons (AARP), Maine Municipal Association, and by chambers of commerce and business leaders across the state. ... read more.

BUT tax reform is in jeopardy. There are efforts underway to undo this historic law. Tax reform is a complicated subject that does not lend itself to sound-bites and that can be easily manipulated with misleading or inaccurate information. To read more about MYTHs and TRUTHSs on tax reform click here.

Can Maine afford to say NO at this time to another $57 million/year in our pockets? Can Maine afford to delay making positive changes to our business climate that are needed to put us in the best position possible for economic recovery? Can we afford to turn our back on great press (like the Wall Street Journal’s “Maine Miracle”) by putting our business community is a state uncertainty for another year? We think not!

What is Tax Reform and why is it needed (20 minute powerpoint presentation)
Summary of Enacted Bill
Summary of New Credit System
To see the potential impact of the tax reform on you, see the Maine Revenue Services informational calculator
Scenarios (Impact on various persons)
An independent CPA’s view Tax Reform
MYTHs & TRUTHs
Fact Check: A point-by-point response to calculations by Albert DiMillo
Editorials and Columns
List of Supporting Groups