Tuesday – Senate & House, 10 a.m.
Thursday – Senate & House, 10 a.m.
LD 1 – LD 332 printed
New titles of interest include:
- Increase jurisdictional limits for Small Claims Court to $15,000 from $6,000 (LD 283)
- Maintain the income tax rate at 7.15% for taxable incomes over $200,000 (LD 291)
- Eliminate corporate welfare and provide tax relief (LD 311)
BUDGET HEARINGS ON TAX ISSUES
Public hearings commence next week on the proposed 2018-2019 biennial State Budget. Key provisions and timing include:
- Homestead Property Tax Exemption restriction to people 65 and older – Feb. 6, 10 a.m.
- Business Equipment Tax Reimbursement (BETR) elimination in 2018, transition of eligible property to the Business Equipment Tax Exemption (BETE) program, and phase out by 2027 of property at a retail sales facility and used primarily in retail sales activity – Feb. 7, 1 p.m.
- Retail sales facility property elimination from either BETR or BETE for property placed into service on or after April 1, 2018 – Feb. 7, 1 p.m.
- Corporate income tax reduction to 8.33% from 8.93% – Feb. 10, 9 a.m.
- Individual income tax phase in of a single-bracket and 5.75% flat rate – Feb. 10, 9 a.m.
- Sales tax base expansion to include 5.5% tax on various services (recreation & amusement; personal; domestic & household; personal property except those sold to a business for business use; installation, repair & maintenance except those sold to a business for business use) – Feb. 10, 9.m.
- Estate (death) tax elimination for residents dying in 2018 – Feb. 10, 9 a.m.
The hearings will be held by the Appropriations Committee jointly with the Taxation Committee.
STATE OF THE STATE
Governor LePage is scheduled to speak to a joint session of the Senate and House on the evening of February 7.