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Tax committee to hold work session on bill to increase in corporate income tax

2/5/2020

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On Tuesday, February 11, the Joint Standing Committee on Taxation will hold a work session on a carryover bill – LD 903, An Act to Improve Corporate Tax Fairness by Amending the Rates Imposed on Corporate Income. The Maine State Chamber testified in opposition to the bill at last session’s public hearing. Sponsored by Rep. Scott Cuddy (D-Winterport), the bill would establish two new tax brackets and three new rates for corporate income taxes. Corporate income between $2 million and $3 million would be taxed at 8.5%, and income between $3 million and $3.5 million would be taxed at 8.75%. Currently any corporate income below $3.5 million is taxed at 8.33%. In addition, the bill proposes to raise the top rate to 9% from 8.93%.
According to the Tax Foundation, Maine would be one of only seven states in the nation to have corporate income tax rates 9% or above. Maine’s current top corporate income tax is already higher than the top rate in our neighboring New England states of Connecticut, New Hampshire, Vermont, Rhode Island, and Massachusetts.
      
During the past several years, the Maine Legislature took several steps to decrease the overall top income tax rates for individuals. Even though the top corporate income tax rate did not decrease, there were several attempts to do that as well. The increases will very likely hit small businesses, as well as C-corps, which are often how small businesses operate.
      
The corporate income tax would no doubt make Maine less attractive and less competitive and would also impact future investments. Paying higher taxes can impact the amount a business owner chooses to reinvest in their businesses in terms of capital and personnel. Failure to reinvest can have a direct impact on growing the economy and job creation.
             
If you have any questions, please contact Linda Caprara by calling (207) 623-4568, ext. 106, or by emailing lcaprara@mainechamber.org.
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 128 State Street | Suite 101 | Augusta, ME 04330-5630
 Phone: (207) 623-4568
For media inquiries, please contact Jen Webber, (207) 939-0213
For membership inquiries, please contact Mark Ellis. (207) 623-4568
  • About Us
    • Connect with Us
    • Affiliates & Partners
    • Our Board
    • Meet the Team
    • President's Message
    • External Social Media Policy
  • Membership
    • Benefits of Membership
    • Join the Chamber
    • Return on Investment
    • Member Search
  • Public Policy
    • Public Hearings of Interest
    • Legislation of Interest
    • Public Policy Committees
    • Grassroot Resources
    • Find Your Legislator >
      • Representatives
      • Senators
  • Events
    • Calendar of Events
    • 2022 Annual Meeting
    • Sponsorship Opportunities
    • Business Day at the Statehouse
    • Board Meetings & Board Events
    • DC Fly-In
    • Legislative Social
    • Policy Issues Workshops
    • Regional Breakfasts
    • Scramble for Scholars
    • Webinars by The Maine State Chamber of Commerce
  • Initiatives
    • Campus Career Connect
    • Dream It. Do It.
    • Education Foundation
    • Keep Maine Competitive
    • Maine Economic Research Institute (MERI)
    • This is ME Counting on You
    • Senior Leaders of Tomorrow Development Program
  • Newsroom
    • COVID-19 Resources
    • Impact Newsletter
    • MSCC Blog
    • The Bottom Line
    • The Maine Take
    • Making Maine Work
    • MERI Roll Call
    • OneVoice Maine Magazine
    • Policy Brief Series with Educate Maine
    • Press Kit
  • Member Login