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PUBLIC LAWS OF MAINE
First Regular Session of the 118th

PART E

     Sec. E-1. 5 MRSA §1518 is enacted to read:

§1518. Tax Relief Fund for Maine Residents

     1. Tax Relief Fund for Maine Residents. There is created the Tax Relief Fund for Maine Residents, which must be used for the following purposes.

     2. Transfers to the Tax Relief Fund for Maine Residents. Notwithstanding any other provision of law, the State Controller shall transfer money to the Tax Relief Fund for Maine Residents as follows.

     3. Nonlapsing fund. Any unexpended balance in the Tax Relief Fund for Maine Residents may not lapse, but must be carried forward to be used pursuant to subsection 1.

     Sec. E-2. 36 MRSA §5126, as repealed and replaced by PL 1989, c. 878, Pt. D, §12, is amended to read:

§5126. Personal exemptions

     A resident individual shall be is allowed $2,000 $2,100 for each exemption to which the individual is entitled for the taxable year for federal income tax purposes, unless the taxpayer is claimed as a dependent on another return. No additional exemption may be allowed for taxpayers over 65 years of age or blind. The nominal dollar amount of this section shall be is subject to annual adjustment under section 5403 pursuant to Title 5, section 1518.

     For tax years beginning on or after January 1, 1999, the nominal dollar amount of this section is also subject to annual adjustment by multiplying it by the percentage adjustment factor defined in section 5402, subsection 2 and rounded down to the nearest $50. If any adjustment is made pursuant to this paragraph, it is effective for the current taxable year and is incorporated into the income tax forms and instructions of the State Tax Assessor for that taxable year.

     Sec. E-3. Appropriation. The following funds are appropriated from the General Fund to carry out the purposes of this Part.

ADMINISTRATIVE AND FINANCIAL SERVICES, DEPARTMENT OF

Tax Relief Fund for Maine Residents

Provides funds as an initial investment in the Tax Relief Fund for Maine Residents in accordance with the provisions of the Maine Revised Statutes, Title 5, section 1518, subsection 1, paragraph A to increase the personal exemption authorized pursuant to Title 36, section 5126.

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