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Below is a snapshot of key features of Maine's tax system. (Scroll Down)
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State & Local Revenue (FY08)
- General Revenue, Own-Source (GROS): $8.1 billion
- General Revenue as a Share of Income: 17.2%
- Tax Revenue: $5.9 billion
- Tax Revenue as Share of income: 12.6%
- Personal Income Tax (Share of Tax Revenue): 26.3% (18 out of 51)
- Corporate Income Tax (Share of Tax Revenue): 3.1% (31 out of 51)
- Sales & Excise Tax (Share of Tax Revenue): 28.8% (36 out of 51)
- Property Tax (Share of Tax Revenue): 36.4% (9 out of 51)
- Other Taxes (Share of Tax Revenue): 3.9% (19 out of 51)
Personal Income Tax Features (2011)
- Range of Tax Rates: 2.0% - 8.5%
- Standard Deduction: $5,800 ($9,650 for Married Couples)
- Personal Exemption: $2,850
- Dependent Exemption: $2,850
- Earned Income Tax Credit (EITC): 5% Nonrefundable
- Changes to rates, standard deductions and personal exemptions take full effect in 2013.
Corporate Income Tax Features (2011)
- Range of Tax Rates: 3.50% - 8.93%
- Income Level at Which Top Rate Applies: $250,000
- Combined Reporting: Yes
- Apportionment Factor (Payroll): 0%
- Apportionment Factor (Property): 0%
- Apportionment Factor (Sales): 100%
Sales Tax Features (2011)
- State Sales Tax Rate: 5.00%
- Average Local Sales Tax Rate: N/A
- Average Combined State & Local Sales Tax Rate: 5.00%
- State Sales Tax Treatment of Groceries: Exempt
- Local Sales Tax Treatment of Groceries: N/A
- Number of Services Taxed: 25 out of 168 surveyed
- Streamlined Sales Tax Membership: No
Property Tax Features (2011)
- Provides a circuit breaker for homeowners and renters of all ages
- Counties and municipalities subject to revenue caps based on inflation, new property growth, and income growth.
Other Tax & Revenue Features (2011)
- Gasoline Tax Rate (per gallon): $0.31
- Diesel Tax Rate (per gallon): $0.322
- Cigarette Tax Rate (per pack): $2.00
- Estate or Inheritance Tax: Yes
- Net Lottery Sales Per Capita: $161
Tax Policy Oversight
- Tax Expenditure Report: Yes
- Tax Incidence Analysis Capability: Multiple taxes
Last Updated August 25, 2011
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