§ 36 §5124-B — Standard deduction; resident on or after January 1, 2016 but before January 1, 2018

Maine § 36 §5124-B

• Jurisdiction: Maine
• Title 36: TAXATION
• Part 8: INCOME TAXES
• Ch. 805: COMPUTATION OF TAXABLE INCOME OF RESIDENT INDIVIDUALS

Text

For tax years beginning on or after January 1, 2016 but before January 1, 2018, the standard deduction of a resident individual is equal to the sum of the basic standard deduction and any additional standard deduction, subject to the phase-out under subsection 3.
1.
Basic standard deduction.
The basic standard deduction is:
2.
Additional standard deduction.
The additional standard deduction is the amount allowed under the Code, Section 63(c)(3).
3.
Phase-out.
The total standard deduction of the taxpayer determined in accordance with subsections 1 and 2 must be reduced by an amount equal to the total standard deduction multiplied by the following fraction:

Legislative History

PL 2015, c. 267, Pt. DD, §14 (NEW). PL 2017, c. 170, Pt. D, §§5, 6 (AMD). PL 2017, c. 474, Pt. B, §1 (AMD).