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Old 04-16-2011, 08:06 PM
1,636 posts, read 4,234,947 times
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I was looking at the "Taxes by State" link (http://www.retirementliving.com/RLstate2.html) and saw that Maine in 2010 eliminated/repealed the standard and itemized deductions (that means the $5700 standard deduction for singles and $9550 married filing jointly standard deduction are gone) and replaced it with tax credits?

For a single renter in Maine, for example, who is under 65 and not disabled, I couldn't see from the website how the tax credits would even approach the amount of the standard deductions. Can anyone comment on the change in state income taxes in 2010 and if the repeal means residents pay higher state taxes?
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Old 04-17-2011, 05:45 AM
Location: Maine
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Here's a link to the law.
Maine Tax Code Reform - What Does It Change?

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Old 04-17-2011, 07:03 AM
Location: Forests of Maine
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Deductions are applied before your AGI, whereas credits are applied after.

It is hard to tell if an individual is going to be effected one way or another.

I do see where one of the credits begins to be fazed out once your AGI is over $55k.
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Old 04-17-2011, 11:07 AM
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Tax Reform was repealed by voter referendum in June 2010. We are still using the old system that uses standard/itemized deductions. The link you have is incorrect
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