LD 501: An Act To Amend Maine’s Corporate Income Tax by Increasing the Top Rate from 8.93 Percent to 12.4 Percent
This bill would roll back a 2018 tax break for corporations by raising the top tax rate on corporate profits over $3.5 million. The tax applies only to businesses legally organized as corporations, which are a minority of Maine’s companies. Most small, Maine-made businesses would not be affected.
LD 570: An Act to Provide Fairness in the Taxation of Extraordinary and Unearned Income
This bill would create a 3 percent tax surcharge on unearned income from capital gains and dividends above $250,000 for individuals and $500,000 for couples. Maine’s tax code currently treats this unearned income for the very wealthy the same way it treats the wages that workers earn. That’s not right. This unearned income surcharge would affect only the top 1 percent of households.
LD 428: An Act to Prevent Tax Haven Abuse
Corporations exploit the tax havens loophole to avoid up to $52 million of taxes annually. This bill would curb the abuse of tax havens by multinational corporations that do business in Maine by requiring them to claim US-based profits stashed in known offshore tax havens when they file their taxes.