Tax panel expects to fall short of $40M goal
A panel of lawmakers tasked with rooting out $40 million in state tax exemptions said Monday it has produced only a general list of possible cuts after difficulty reaching consensus on an overall plan.
The Portland Press Herald reported the group recommended: capping the historic preservation tax credit, saving $2 million; capping the Opportunity Maine tax credit, saving $1.7 million; repealing the retail portion of the Business Equipment Tax Reimbursement program, saving $2 million; and capping the Pine Tree Development Zone credit, saving more than $3 million.
The group also kept on the table eliminating first-in, first-out accounting practices used by big companies and eliminating certain research and development tax credits.
The paper reported that the committee’s recommendations leave a vote by the Appropriations and Financial Affairs Committee on a specific proposal likely months away. If the committee does not find $40 million in tax exemptions to cut from the next budget, the savings will come from the state fund for municipal revenue sharing.
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