09.09.15 |
SHARE   |  

Maine Eliminates Several Credits, Including Jobs and Investment Credit

lobster on white

After a contentious legislative process, the Maine Legislature decided to override Governor Paul LePage’s veto to enact a 2016-17 budget bill.1  Personal income tax provisions in the new budget include personal income tax rate reductions, a new Maine standard deduction, a new refundable Sales Tax Fairness Credit and expanded eligibility for the Educational Opportunity Credit.2

On the business side, the new budget eliminates several statutory income tax credits, including the Jobs and Investment Credit.  The Jobs and Investment Credit, which previously allowed an investment credit of up to $500,000 for businesses which created at least 100 new jobs, is repealed for tax years beginning on or after January 1, 2016.3

The other credits eliminated by the new bill include the following:

  • High Technology Investment Credit4
  • Biofuel Commercial Production Credit5
  • Employer-Assisted Day Care Credit6
  • Employer-Provided Long-Term Care Benefits Credit7
  • Quality Child Care Investment Credit8

The effective date for the other credit repeals is for tax years beginning on or after January 1, 2016.

Maine’s Pine Tree Development Zone program, which is the state’s primary job creation incentive program, remains intact.9

 

Learn More About ADP SmartCompliance® Tax Credits
 


1LePage vetoes state budget – http://bangordailynews.com/2015/06/29/politics/state-house/lepage-vetoes-state-budget/

2After long, fierce fight, Maine gets a budget and avoids a shutdown – http://www.pressherald.com/2015/06/30/house-overrides-lepage-budget-veto/

3, 4, 5, 6, 7, 8, 9 Enacted Tax Legislation – 2015 Session – http://www.maine.gov/revenue/rules/legischange15.htm

 

 


TAGS  

1-855-864-1712

Sign Up for
Email Updates

featured webinar