Senate & House – 10 a.m. Tuesday, Wednesday, Thursday
LD 1 – LD 1455 were printed by end of 2015 session
As of today LD 1456 – LD 1653 have been printed for the 2016
TAX CONFORMITY SETTLED
After over a month of partisan tussle and standoff the
business depreciation issue (LD 1583) was settled in favor of full conformity
with federal tax law. This means the
state will track the permanent federal tax changes made in Section 179 small
business expensing. Also, the state will
track through 2019 the federal tax changes in bonus depreciation (Maine Capital
Investment Credit). In trade for full
conformity Governor LePage agreed to accept $15 million additional funding for
state aid to local education together with a commission to reform public
education funding and improve student performance in the State (LD 1641).
Despite claims that conformity gives useless tax breaks to
business, NFIB believes the cash-flow benefits of expensing and accelerated
depreciation will help many businesses make job-saving or job-creating
investments that are important to a stronger Maine economy.
HEARINGS & WORK SESSIONS
Simplify Drug Testing Law (LD 1384) – Another work session
will be held Mar. 15 at 1 p.m. on a revised amendment proposed by the Maine
Department of Labor that is intended to respond to concerns raised at the Mar.
10 work session.
Maine Death Tax Repeal (LD 1622) – Legislation from Governor
LePage to repeal the Maine Estate Tax is coming out of the Taxation Committee
divided over party lines whether to repeal (Republicans) or leave in place
(Democrats). Pro-tax groups argue the
death tax has little effect on losing residents and that the tax revenues
should be spent on education and social programs. NFIB supports repeal and notes most states do
not have a death tax.