Personal Taxes

Maine: Earnings Tax | Corporations

Breakdown of tax sources:

– Income tax: 36.6%

– General sales tax: 34.5%

– Selective sales tax: 15.3%

– License tax: 6.2%

– Corporate income tax: 5.4%

– Severance payment tax: 0%

– Property tax: 0.9%

– Other taxes: 1.1%

Maine’s tax revenue has been hit hard by the impact of the coronavirus on local business, especially tourism. A projected decline in sales of $ 1.4 billion is expected over the next three fiscal years. The governor has vowed to crack down on any double taxation of residents working for corporations outside of the state, particularly Massachusetts, which imposes income taxes on employees working from home in Maine.

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