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"An Act To Implement Tax Relief and Tax Reform"
June 12, 2009
“We are very pleased to have provided meaningful tax reform and relief to the citizens of Maine, who have gone decades with an outdated and unbalanced tax code. Today’s signing of the tax reform legislation was the culmination of many hours of work on behalf of the bill’s sponsors and the Administration. The new tax system will provide real economic development for Maine by attracting much needed investment to our state.
We have long believed that the state’s top income tax rate of 8.5 percent, the 6th highest in the nation, was an excessive burden on our citizens. The top income tax rate is paid by residents at a very low income level; reducing it will help working families across the state who are struggling to make ends meet. In this time of economic uncertainly, the best thing we can do for the people of Maine is put more money in their pockets.
The high income tax rate has also been a barrier to job creation in our state. By reducing the top rate of the income and capital gains taxes by over 20 percent, we are truly sending the message far and wide that Maine is open for business. Investments in Maine projects will now go further and create greater opportunities. We need to better use tax policy to ensure this state’s economic viability, and today’s vote is a significant step forward.
Again, we want to thank all the Legislators, citizens and businesses that have been a part of this historic process, past and present. Years of work have gone in to this monumental change and we can truly say that this is great day for Maine and the Maine economy.”
Senate President Elizabeth Mitchell
Senate Majority Leader Phil Bartlett
Senate Assistant Majority Leader Lisa Marraché
Speaker of the House Hannah Pingree
House Majority Leader John Piotti
House Assistant Majority Leader Seth Berry
Contact:
David Loughran, 287-1558 (Mitchell, Bartlett, Marraché)
Tim Feeley, 287-1306 (Pingree)
Kyle Leighton, 287-1433 (Piotti, Berry)