Maine Revised Statutes Title 36 Sec. 5255-B – Certain items of income under the United States Internal Revenue Code
Current as of: 2023 | Check for updates
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Terms Used In Maine Revised Statutes Title 36 Sec. 5255-B
- 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
- Person: means an individual, firm, partnership, association, society, club, corporation, financial institution, estate, trust, business trust, receiver, assignee or any other group or combination acting as a unit, the State or Federal Government or any political subdivision or agency of either government. See Maine Revised Statutes Title 36 Sec. 111
- Real estate: includes lands and all tenements and hereditaments connected therewith, and all rights thereto and interests therein. See Maine Revised Statutes Title 1 Sec. 72
- 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
A person maintaining an office or transacting business within this State that is required to deduct and withhold a tax on items of income under the Code, other than wages subject to withholding as provided in section 5250, sales of real estate subject to withholding as provided in section 5250?A or gambling winnings subject to withholding as provided in section 5255?C, shall deduct and withhold from such items, to the extent they constitute income that is not excluded from taxation under Maine law, a tax equal to 5% of the income, unless withholding pursuant to the Code is based on other than a flat rate amount. In that event, the State’s withholding procedure must estimate taxable income using the same approach to exemptions as the Code and the amount of tax to be withheld must be calculated in accordance with withholding methods prescribed pursuant to section 5250. [PL 2021, c. 630, Pt. A, §3 (AMD).]
SECTION HISTORY
PL 1981, c. 371, §5 (NEW). PL 1985, c. 535, §28 (AMD). PL 1987, c. 497, §51 (AMD). PL 1987, c. 504, §38 (AMD). PL 1987, c. 769, §A161 (RPR). PL 1999, c. 414, §53 (AMD). PL 2021, c. 630, Pt. A, §3 (AMD).