Tax Relief

The Legislative Committee approves a further price range that doesn’t tax corporate relief loans

Legislature’s Budget and Finance Committee on Thursday evening approved an additional budget for an 8- to 5-party vote that would give Maine corporations and unemployed Mainers a break from paying taxes on relief funds they received during the COVID-19 pandemic had received.

Democrats and Republicans agreed to fully comply with federal tax laws so that more than 28,000 companies would not pay state taxes on paycheck protection loans received, a provision that would cost the state $ 100 million in tax revenue.

The supplementary budget also includes $ 47 million for unemployment benefits exemption from state income taxes and $ 30 million for state and federal funds to relieve direct caregivers and nonprofits.

However, the parties could not agree on a Republican call for two-thirds of the vote in each chamber on how to spend more aid, which is expected to come soon from Congress.

Republicans predicted the spending plan wouldn’t get the two-thirds of the support it needs if it is scrutinized at the Augusta Civic Center ahead of the full legislature next week.

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