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
The federal Opportunity Zone (OZ) program, created in December 2017, has been a major topic of discussion for investors, businesses, and project developers alike. It seems, however, that the utilization of the OZ program has...more
11/7/2018
/ Capital Gains ,
Community Development ,
Economic Development ,
Investment Funds ,
Investment Opportunities ,
Low-Income Issues ,
Opportunity Zones ,
Public Finance ,
Real Estate Development ,
State and Local Government ,
Tax Cuts and Jobs Act ,
Tax Deferral ,
Tax Incentives ,
Tax Reform
The Tax Cuts and Jobs Act of 2017 created a new economic development program that encourages long-term investments in low-income areas, so-called “Opportunity Zones,” by offering tax deferral for capital gains reinvested in...more
5/23/2018
/ Community Development ,
Economic Development ,
Investment Funds ,
Low-Income Issues ,
New Legislation ,
New Market Tax Credits ,
Opportunity Zones ,
Public Finance ,
State and Local Government ,
Tax Cuts and Jobs Act ,
Tax Reform ,
Trump Administration
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