State's corporate tax take down $60M
The state’s take of corporate tax was down nearly $60 million for the fiscal year ending June 30, though a final tally is not complete.
The Portland Press Herald reported the state recorded $172 million in corporate taxes in fiscal year 2012, down from $232 million the previous year. The reduction is due to three tax cuts adopted in 2011, but Michael Allen, an associate commissioner for tax policy at Maine Revenue Services, said it’s unclear how much of the decrease each tax cut contributed. He posited the largest reason for the decrease is a new law that allows businesses to write off the full cost of some equipment purchases in the same year rather than over a three-year period.
Allen told the paper the agency is still sorting through some of the larger corporate filings, and some companies have sought extensions that would allow them to file in October.
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