AUGUSTA – Maine Senate President Michael Thibodeau (R-Waldo) today praised the Senate for its quick action on LD 138 “An Act to Update References to the United States Internal Revenue Code of 1986 Contained in the Maine Revised Statutes, Decouple Federal Bonus Depreciation Deductions and Create a Maine Capital Investment Credit.”
The bill brings Maine into conformity with recently passed federal tax provisions that allow businesses and individuals to claim exemptions on their 2014 tax filings which are due on April 15, 2015.
Among those who will benefit from the tax incentives are small businesses that have recently made capital investments and schoolteachers who have used their own money for classroom expenses.
Senate President Michael Thibodeau (R-Waldo) said, “I am thrilled that the very first bill to be passed by the Maine Senate in the 127th Legislature is one that will provide incentives to bring new jobs to Maine and to allow taxpayers to keep more of the money that they earned.
“With this vote, I believe we have set a very positive tone for the 127th Legislature by demonstrating our ability to work across party lines for the people of Maine.”
Senator Jim Hamper (R-Oxford), who is the Chair of the Appropriations and Financial Affairs Committee, said, “I’m pleased we were able to vote this legislation out of Appropriations with unanimous support, and that it has now passed the Maine Senate with bipartisan support. Maine’s businesses will benefit greatly from the passage of LD 138.”
Senator Earle McCormick, who is the Chair of the Taxation Committee, said, “Tax laws are complicated enough, so it only makes sense to bring Maine into conformity with the federal government by passing LD 138. I’m glad we were able to take quick action to pass this legislation.”
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