Maine § 36 §5401 Findings and purpose

Maine Statutes

§ 36 §5401 — Findings and purpose

Maine § 36 §5401

Title 36TAXATION

Part 8INCOME TAXES

Ch. 841INFLATION ADJUSTMENTS

This text of Maine § 36 §5401 (Findings and purpose) is published on Counsel Stack Legal Research, covering Maine primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Me. Rev. Stat. tit. 36, § 36 §5401 (2026).

Text

Inflation erodes the value of personal exemptions and deductions in the Maine individual income tax structure and distorts fiscal equity among taxpayers. Inflation-induced increases in individual income tax revenues result in annual collections that exceed the amounts anticipated by legislative actions establishing rates, exemptions, deductions and other features of the Maine individual income tax. Furthermore, the income tax laws of this State, in combination with economic inflation, have caused inequitable treatment of the taxpayers because the application of inflexible, statutorily prescribed rates of tax, standard deduction and personal exemption to increasing personal incomes has resulted in increasing the taxpayer's tax liability while the taxpayers purchasing power has remained the 

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Inflation erodes the value of personal exemptions and deductions in the Maine individual income tax structure and distorts fiscal equity among taxpayers. Inflation-induced increases in individual income tax revenues result in annual collections that exceed the amounts anticipated by legislative actions establishing rates, exemptions, deductions and other features of the Maine individual income tax. Furthermore, the income tax laws of this State, in combination with economic inflation, have caused inequitable treatment of the taxpayers because the application of inflexible, statutorily prescribed rates of tax, standard deduction and personal exemption to increasing personal incomes has resulted in increasing the taxpayer's tax liability while the taxpayers purchasing power has remained the same or, in some instances has decreased. It is the purpose of this Act to correct this situation by requiring that certain components of the individual income tax structure be adjusted in order to compensate for the impact of inflation.

Legislative History

IB 1981, c. 2, §4 (NEW).

Nearby Sections

4

§ 36 §54

Annual report to Governor

§ 36 §5401

Findings and purpose

§ 36 §5402

Definitions

§ 36 §5403

Annual adjustments for inflation

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Bluebook (online)

Maine § 36 §5401, Counsel Stack Legal Research, https://law.counselstack.com/statute/me/36%20%C2%A75401.