October 10, 2012

Research group says Maine tax ranking improved

The nonpartisan group's index compares states in five areas of taxation that impact business.

The Associated Press

AUGUSTA — A tax research group says Maine's ranking for its business tax climate has improved to No. 30 nationally.

The Tax Foundation's 2013 list shows an improvement from Maine's No. 37 ranking. The Washington-based, nonpartisan group's index compares the states in five areas of taxation that impact business: corporate, individual income and sales taxes, unemployment insurance taxes and taxes on property.

Maine's Gov. Paul LePage is pleased with Maine's new ranking. He notes that Maine had the biggest improvement in the Tax Foundation's ranking this year, a result of the repeal of Maine's alternative minimum tax and a change in treatment of net operating losses.

Additional changes to Maine's tax structure, including lower brackets for individual income taxes that take effect Jan. 1, 2013, were not considered in this year's report.

 

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