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| Sec. C-10. 36 MRSA §5402, sub-§1-C is enacted to read: |
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| | | 1-C.__Cost-of-living adjustment; 2005 to 2019.__For tax years | | beginning on or after January 1, 2005 to December 31, 2019, | | "cost-of-living adjustment" means the cost-of-living adjustment | | as defined by subsection 1-B multiplied by 0.5. |
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| | | Sec. C-11. 36 MRSA §5403, as repealed and replaced by PL 1999, c. | | 731, Pt. T, §10 and affected by §11, is repealed and the | | following enacted in its place: |
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| | | §5403.__Annual adjustments for inflation |
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| | | Beginning in 2003, and each subsequent calendar year | | thereafter, on or about September 15th, the State Tax Assessor | | shall index for inflation the dollar amounts of the tax rate | | tables specified in section 5111, subsections 1-B, 2-B and 3-B by | | multiplying those adjusted amounts by one plus the cost-of-living | | adjustment.__If the dollar amounts of each rate bracket, adjusted | | by application of the cost-of-living adjustment, are not | | multiples of $50, any increase must be rounded to the next lowest | | multiple of $50.__If the cost-of-living adjustment for any | | taxable year is 1.000 or less, no adjustment may be made for that | | taxable year in the dollar bracket amounts of the tax rate | | tables.__The assessor shall incorporate such changes into the | | income tax forms, instructions and withholding tables for the | | taxable year. |
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| | | Sec. C-12. 36 MRSA §5404 is enacted to read: |
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| | | §5404.__Legislative review |
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| | | The joint standing committee of the Legislature having | | jurisdiction over taxation matters shall review during the First | | Regular Session of the 124th and 127th Legislatures the impact of | | the reduction of the cost-of-living adjustment and the top tax | | rates for individuals provided by this Part.__The committee may | | request information and assistance from the Department of | | Administrative and Financial Services, Bureau of Revenue | | Services.__The committee may report out implementing legislation | | in order to adjust the reduction of the cost-of-living adjustment | | as provided in this chapter and individual income tax rates as | | provided in chapter 803. |
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| | | Sec. C-13. 36 MRSA §6207, sub-§1, ķA-1, as amended by PL 1997, c. 557, | | Pt. A, §3 and affected by Pt. G, §1, is further amended to read: |
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