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June 3, 2009

Lawmakers kill bill to lower income tax

By The Mainebiz News Staff

The Legislature yesterday killed a bill that would have lowered the state's corporate and personal income tax rates from 8.5% to 4.5% over three years.

The Senate voted 20-15 to kill the bill, while the House voted 90-48 to do the same. Proponents of the bill, sponsored by Sen. Douglas Smith (R-Dover-Foxcroft), said it would have restored the state's economic competitiveness, but lawmakers who voted against the bill said the state government could not afford the billion-dollar revenue loss that would result, according to the Associated Press.

Meanwhile, the taxation committee has approved another tax reform bill, LD 1088, which would reduce Maine's top income tax rate from 8.5% to 6.5%, while expanding the state's sale tax to cover more services, according to VillageSoup.

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