In the wee hours of the morning, the Maine Legislature passed a compromise FY 2021 supplemental budget. Importantly, the budget fully conforms Maine’s tax treatment of Paycheck Protection Program (PPP) loans to the federal...more
On February 12, 2021, Maine Revenue Services (MRS) issued a tax alert with additional tax guidance for taxpayers impacted by the COVID-19 pandemic....more
Maine Revenue Services (MRS) has informed taxpayers that Maine does not conform to the federal tax changes enacted in the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security...more
7/16/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Corporate Taxes ,
Families First Coronavirus Response Act (FFCRA) ,
Family and Medical Leave Act (FMLA) ,
Income Taxes ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Sick Pay ,
State and Local Government ,
State Taxes ,
Tax Planning
Maine Governor Janet Mills recently announced that the second quarter estimated tax payment deadline has been extended to July 15, 2020. ...more
On January 12, 2020, Governor Janet Mills signed L.D. 1645, establishing a Maine affordable housing tax credit (AHTC). The Maine State Housing Authority (MaineHousing) will be tasked with administering and allocating $80...more
2/18/2020
/ Affordable Housing ,
Critical Infrastructure Sectors ,
Homeless Issues ,
Housing Market ,
Low-Income Issues ,
New Legislation ,
Real Estate Development ,
Rental Property ,
Rural Areas ,
Rural Development ,
State and Local Government ,
Tax Credits ,
Urban Planning & Development
Maine Revenue Services (MRS) issued guidance and amended the Maine corporate income tax return instructions last week to explain Maine’s conformity to federal taxation of deferred foreign income, also called deemed...more
Maine Revenue Services (MRS) issued guidance late last week responding to the state’s recently-enacted tax conformity legislation. ...more
10/2/2018
/ Income Taxes ,
Internal Revenue Code (IRC) ,
Local Taxes ,
New Guidance ,
SALT ,
State and Local Government ,
State Taxes ,
Tax Liability ,
Tax Planning ,
Tax Reform ,
Tax Returns
In a special session, the Maine legislature passed tax conformity legislation on August 30, 2018, after having failed to pass this legislation prior to its spring adjournment. The legislation is now on the Governor’s desk...more
9/5/2018
/ Corporate Taxes ,
Estate Tax ,
GILTI tax ,
Income Taxes ,
Legislative Agendas ,
Net Operating Losses ,
Pending Legislation ,
Personal Exemptions ,
Special Sessions ,
State and Local Government ,
Tax Code ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Exemptions ,
Tax Liability ,
Trusts
Maine Revenue Services issued guidance, August 8, 2018, regarding remote sellers’ sales tax collection obligations in light of the Supreme Court’s June 21, 2018 decision in South Dakota v. Wayfair, Inc....more
8/10/2018
/ Appeals ,
Commerce Clause ,
Constitutional Challenges ,
Internet Retailers ,
Interstate Commerce ,
New Guidance ,
Out-of-State Companies ,
Physical Presence Test ,
Quill ,
Reversal ,
Sales & Use Tax ,
SCOTUS ,
South Dakota v. Wayfair ,
State and Local Government ,
Substantial Nexus ,
Tax Liability ,
Tax Planning
In its August 2, 2018 decision, Goggin v. State Tax Assessor, 2018 ME 111, the Maine Supreme Judicial Court held that the Business and Consumer Court correctly denied Maine residents an individual income tax credit for the...more
On July 4, 2018, Maine passed a law to extend the state’s Pine Tree Development Zone (PTDZ) program for three years. ...more
Maine recently passed L.D. 1479, An Act To Modernize and Improve Maine’s Property Tax System, which implements certain changes to the state’s property tax assessment, review, and appeals processes. ...more
On Thursday, March 1, Alec Porteous, the Commissioner of the Maine Department of Administrative and Financial Services, and Dr. Michael Allen, Associate Commissioner for Tax Policy for the Maine Department of Administrative...more
3/9/2018
/ Governor LePage ,
Legislative Agendas ,
Local Taxes ,
New Legislation ,
Proposed Legislation ,
State and Local Government ,
State Taxes ,
Tax Code ,
Tax Cuts and Jobs Act ,
Tax Exemptions ,
Tax Rates ,
Tax Reform ,
Trump Administration