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USA Statutes : maine
Title : Title 36. TAXATION
Chapter : Chapter 841. INFLATION ADJUSTMENTS
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Title 36 - §5401. Findings and purpose
Title 36: TAXATION
Part 8: INCOME TAXES
Chapter 841: INFLATION ADJUSTMENTS
§5401. Findings and purpose
Inflation erodes the value of personal exemptions and deductions in the Maine individual income tax structure and distorts
fiscal equity among taxpayers. Inflation-induced increases in individual income tax revenues result in annual collections
that exceed the amounts anticipated by legislative actions establishing rates, exemptions, deductions and other features of
the Maine individual income tax. Furthermore, the income tax laws of this State, in combination with economic inflation,
have caused inequitable treatment of the taxpayers because the application of inflexible, statutorily prescribed rates of
tax, standard deduction and personal exemption to increasing personal incomes has resulted in increasing the taxpayer's tax
liability while the taxpayers purchasing power has remained the same or, in some instances has decreased. It is the purpose
of this Act to correct this situation by requiring that certain components of the individual income tax structure be adjusted
in order to compensate for the impact of inflation.
[1983, I.B.2, § 4 (new) Eff. 11282.]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 36 - §5402. Definitions
Title 36: TAXATION
Part 8: INCOME TAXES
Chapter 841: INFLATION ADJUSTMENTS
§5402. Definitions
As used in this chapter, unless the context indicates otherwise, the following terms have the following meanings.
[1987, c. 430, §1 (amd).]
1. Consumer Price Index. "Consumer Price Index" means the average over a 12-month period of the National Consumer Price Index, not seasonally adjusted,
published monthly by the Bureau of Labor Statistics, United States Department of Labor designated as the "National Consumer
Price Index for All Urban Consumers-United States City Average."
[IB 1983, c. 2, §4 (new).]
1-A. Base year index.
[1989, c. 495, §5 (rp).]
1-B. Cost-of-living adjustment. The "cost-of-living adjustment" for any calendar year is the Consumer Price Index for the 12-month period ending June 30th
of the preceding calendar year divided by the Consumer Price Index for the 12-month period ending June 30, 2001.
[1999, c. 731, Pt. T, §8 (new); §11 (aff).]
2. Percentage adjustment factor.
[1999, c. 731, Pt. T, §9 (rp); §11 (aff).]
3. Inflation factor.
[1999, c. 731, Pt. T, §9 (rp); §11 (aff).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
Title 36 - §5403. Annual adjustments for inflation
Title 36: TAXATION
Part 8: INCOME TAXES
Chapter 841: INFLATION ADJUSTMENTS
§5403. Annual adjustments for inflation
Beginning in 2002, and each subsequent calendar year thereafter, on or about September 15th, the State Tax Assessor shall
multiply the cost-of-living adjustment for taxable years beginning in the succeeding calendar year by the dollar amounts of
the tax rate tables specified in section 5111, subsections 1-B, 2-B and 3-B. If the dollar amounts of each rate bracket,
adjusted by application of the cost-of-living adjustment, are not multiples of $50, any increase must be rounded to the next
lowest multiple of $50. If the cost-of-living adjustment for any taxable year is 1.000 or less, no adjustment may be made
for that taxable year in the dollar bracket amounts of the tax rate tables. The assessor shall incorporate such changes into
the income tax forms, instructions and withholding tables for the taxable year.
[1999, c. 731, Pt. T, §10 (rpr); §11 (aff).]
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
This page created on: 2005-10-01
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