An Act Regarding the Taxation of Out-of-state Pensions
Sec. 1. 36 MRSA §5122, sub-§2, ¶OO is enacted to read:
Sec. 2. Application. This Act applies to tax years beginning on or after January 1, 2015.
This bill avoids double taxation of certain employee contributions to retirement benefit plans made in other states by exempting from Maine income tax the portion of retirement benefits attributable to the taxpayer’s contribution to an employee retirement plan or an individual retirement account that was taxed by another jurisdiction.