LD 532 – LD 532 An Act To Lower Income Taxes for Middle-income Families in Maine

Sen. Baldacci-D This bill provides a credit to reduce income taxes by 10% for individuals filing as single individuals and married persons filing separately with taxable income under $60,000, heads of households with taxable income under $90,000 and individuals filing married joint returns and surviving spouses with taxable income under $120,000.  The bill also provides an additional income tax bracket with a tax rate of 7.95% for individuals filing as single individuals and married persons filing separately with taxable income exceeding $200,000, heads of households with taxable income exceeding $300,000 and individuals filing married joint returns and surviving spouses with taxable income exceeding $400,000.
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