House Independents propose tax conformity plan
AUGUSTA — To advance compromise on a critical issue of the legislative session, House Independents have proposed a tax conformity package combining the most practical, workable elements of each party’s proposed solution, with a view to a tax code that will provide stability and predictability for businesses and increase tax returns for low income Mainers.
“With each option offered, we spoke to as many of the stakeholders as possible and have provided a sensible, economical package,” said Rep. Martin Grohman, I-Biddeford. “This will prevent uncertainty from multiple filing systems and help offset the tax increases to businesses that were passed in the Tax Cuts and Jobs Act.”
“This allows dedicated property tax relief via the Property Tax Credit,” said Rep. Norm Higgins, I-Dover-Foxcroft. “It’s really very simple — it provides low income property owners, especially seniors, a reduction in property taxes.”
“Previously, the tax code was an incentive for companies to hold funds offshore. With these proposed changes, companies will bring dollars back to Maine,” said Rep. Kevin Battle, I-South Portland.
The House Independents are committed to working with the LePage administration and their colleagues in the Legislature to move their proposal forward.
“We think this a sensible path forward for state tax policy. It helps with the biggest pain point, property taxes for low income property owners and residents, and provides a revenue neutral package of tax changes that will help small business,” said Rep. Owen Casas, I-Rockport.
“I am pleased we could move this issue ahead and take a step to getting Augusta working again,” added Rep. Kent Ackley, I-Monmouth.