House dumps capital gains tax cut, but boosts EITC
In two mostly party-line votes, House Democrats led the way on passage of a bill to increase the state-level earned income tax credit and on rejection of a bill to lower the state's capital gains taxes.
The Bangor Daily News reported that LD 455, which cleared the House Monday, would double the state's earned income tax credit to 10% of the federal credit for low-income filers.
That bill was passed in a 91-52 vote, with Republican Reps. Lance Harvell of Farmington and Matthew Pouliot voting with Democrats. The House's four independent members also voted in favor of the bill.
In a separate vote, the House turned down LD 65, which would have cut capital gains taxes by more than 50%. Republicans said the tax cut would help employers in the state and, in turn, would spur job growth. Supporters also said the reduction in the capital gains tax could encourage sales of taxable investments that they said could result in increased state revenues.
That bill had the House's four independents voting with Democrats, in opposition, and only Rep. Bryan Kaenrath, D-South Portland, and Rep. Corey Wilson, R-Augusta, voted outside of party lines, the paper reported.
Both bills now go to the Senate for further consideration.
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