State Tax Laws - Maine

Individual tax rates range from 2% to 7.95%, with a standard deduction of $6,100 for single filers and $10,150 for married couples. Exemptions give an extra $2,850 deduction per person. Sales tax is a flat 5.5%. Estate tax ranges from 8% to 12% on amounts in excess of $2,000,000.

Corporate tax rates range from 3.5% to 8.93%. Maine has a number of business credits available for fringe benefits and community redevelopment projects, in addition to other activities such as visual media production and fishery infrastructure improvements. Plus the Jobs and investment Credit can cover many types of businesses. Definitely worth researching if doing business in Maine. More information can be found at: http://www.state.me.us/revenue/homepage.html


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