Maine Revised Statutes Title 36 Sec. 5124-C – Standard deduction; resident on or after January 1, 2018
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1. Amount; before January 1, 2020. For tax years beginning on or after January 1, 2018 and before January 1, 2020, the standard deduction of a resident individual is equal to the standard deduction as determined in accordance with the Code, Section 63, subject to the phase-out under subsection 2.
[PL 2019, c. 616, Pt. X, §2 (AMD).]
Terms Used In Maine Revised Statutes Title 36 Sec. 5124-C
- Code: means the United States Internal Revenue Code of 1986 and amendments to that Code as of December 31, 2022. See Maine Revised Statutes Title 36 Sec. 111
- Maine adjusted gross income: means , for a resident individual, the federal adjusted gross income of that individual, as modified by section 5122. See Maine Revised Statutes Title 36 Sec. 5102
- Resident individual: means an individual:
A. See Maine Revised Statutes Title 36 Sec. 5102Return: means any document, digital file or electronic data transmission containing information required by this Title to be reported to the State Tax Assessor. See Maine Revised Statutes Title 36 Sec. 111 Tax: means the total amount required to be paid, withheld and paid over or collected and paid over with respect to estimated or actual tax liability under this Title, any credit or reimbursement allowed or paid pursuant to this Title that is recoverable by the assessor and any amount assessed by the assessor pursuant to this Title, including any interest or penalties provided by law. See Maine Revised Statutes Title 36 Sec. 111 Taxpayer: means any person required to file a return under this Title or to pay, withhold and pay over or collect and pay over any tax imposed by this Title. See Maine Revised Statutes Title 36 Sec. 111
1-A. Amount; before January 1, 2026. For tax years beginning on or after January 1, 2020 and before January 1, 2026, the standard deduction of a resident individual is equal to the federal standard deduction, subject to the phase-out under subsection 2.
[PL 2023, c. 412, Pt. ZZZ, §4 (AMD).]
1-B. Amount; on or after January 1, 2026. For tax years beginning on or after January 1, 2026, the standard deduction of a resident individual is equal to the sum of the basic standard deduction and the additional standard deduction, subject to the phase-out under subsection 2.
A. The basic standard deduction is:
(1) For single individuals and married persons filing separate returns, $12,000;
(2) For individuals filing as heads of households, the amount allowed under subparagraph (1) multiplied by 1.5; and
(3) For individuals filing married joint returns or surviving spouses, the amount allowed under subparagraph (1) multiplied by 2. [PL 2023, c. 412, Pt. ZZZ, §5 (NEW).]
B. The additional standard deduction is the amount allowed under the Code, Section 63(c)(3). [PL 2023, c. 412, Pt. ZZZ, §5 (NEW).]
[PL 2023, c. 412, Pt. ZZZ, §5 (NEW).]
2. Phase-out. The standard deduction of the taxpayer must be reduced by an amount equal to the total standard deduction multiplied by the following fraction:
A. For single individuals and married persons filing separate returns, the numerator is the taxpayer’s Maine adjusted gross income less $80,000, except that the numerator may not be less than zero, and the denominator is $75,000. In no case may the fraction calculated pursuant to this paragraph produce a result that is more than one. The $80,000 amount used to calculate the numerator in this paragraph must be adjusted for inflation in accordance with section 5403, subsection 4; [PL 2017, c. 474, Pt. B, §2 (NEW).]
B. For individuals filing as heads of households, the numerator is the taxpayer’s Maine adjusted gross income less $120,000, except that the numerator may not be less than zero, and the denominator is $112,500. In no case may the fraction calculated pursuant to this paragraph produce a result that is more than one. The $120,000 amount used to calculate the numerator in this paragraph must be adjusted for inflation in accordance with section 5403, subsection 4; or [PL 2017, c. 474, Pt. B, §2 (NEW).]
C. For individuals filing married joint returns or surviving spouses permitted to file a joint return, the numerator is the taxpayer’s Maine adjusted gross income less $160,000, except that the numerator may not be less than zero, and the denominator is $150,000. In no case may the fraction calculated pursuant to this paragraph produce a result that is more than one. The $160,000 amount used to calculate the numerator in this paragraph must be adjusted for inflation in accordance with section 5403, subsection 4. [PL 2017, c. 474, Pt. B, §2 (NEW).]
[PL 2017, c. 474, Pt. B, §2 (NEW).]
SECTION HISTORY
PL 2017, c. 474, Pt. B, §2 (NEW). PL 2019, c. 616, Pt. X, §§2, 3 (AMD). PL 2023, c. 412, Pt. ZZZ, §§4, 5 (AMD).