STATE HOUSE – The Joint Standing Committee on Taxation is scheduled to hold Public Hearings on two bills that propose to give income tax relief to struggling Mainers.
“My bill (LD 835) proposes to phase out the income tax over 5 years beginning in 2024 by requiring each state department to reduce their budget proportionally,” said Rep. David Boyer (R- Poland). “Government should not be getting bigger while family budgets are getting smaller. With the state over-collecting $1.5 billion in tax revenues over the last year, now is the time for real tax relief.”
“I am proposing to establish an Income Tax Relief Fund for Maine Residents for the purpose of reducing individual income tax rates,” said Rep. Meldon “Micky” Carmichael (R- Greenbush). “The fund would receive a transfer at the close of each fiscal year of the amount by which General Fund revenue for that fiscal year exceeds General Fund revenue for the preceding fiscal year. That way taxpayers can begin to recover what they have lost due to historic prices increases and over taxation.”
What: Public Hearings on two income tax relief bills:
LD 835 – “An Act to Phase Out the Income Tax” – Rep. David Boyer (R-Poland)
LD 971 – “An Act to Establish the Income Tax Relief Fund for Maine Residents” – Rep. Meldon “Micky” Carmichael (R-Greenbush)
Where: Committee on Taxation, State House, Room 127
When: Thursday, March 23, 2023 at 1:00 PM