§5401. Findings and purpose Inflation erodes the value of personal exemptions and deductions in the Maine individual income tax structure and distorts fiscal equity among taxpayers. Inflation-induced increases in individual income tax revenues result in annual collections that exceed the amounts anticipated by legislative actions establishing rates, exemptions, deductions and other features of the Maine […]
§5402. Definitions As used in this chapter, unless the context indicates otherwise, the following terms have the following meanings. [PL 1987, c. 430, §1 (AMD).] 1. Chained Consumer Price Index. “Chained Consumer Price Index” means the average over a 12-month period of the most recently published Chained Consumer Price Index, not seasonally adjusted, published […]
§5403. Annual adjustments for inflation On or about September 15th of each year as specified in this section, the assessor shall multiply the cost-of-living adjustment for taxable years beginning in the succeeding calendar year by the following: [PL 2017, c. 474, Pt. B, §19 (AMD).] 1. Individual income tax rate tables. For the tax […]
