Source: http://www.mainelegislature.org/legis/statutes/36/title36sec5124-C.html
Timestamp: 2020-06-06 17:35:59
Document Index: 355129166

Matched Legal Cases: ['§5124', '§5124', '§5124', '§5124', '§5125', '§5124', '§2', '§2', '§2', '§2', '§2']

Title 36, §5124-C: Standard deduction; resident on or after January 1, 2018
§5124-C PDF
§5124-C MS-Word
§5124-B
Chapter 805: COMPUTATION OF TAXABLE INCOME OF RESIDENT INDIVIDUALS
§5125
§5124-C. Standard deduction; resident on or after January 1, 2018
1. Amount. For tax years beginning on or after January 1, 2018, the standard deduction of a resident individual is equal to the standard deduction as determined in accordance with the Code, Section 63, subject to the phase-out under subsection 2.
[PL 2017, c. 474, Pt. B, §2 (NEW).]
2. Phase-out. The standard deduction of the taxpayer must be reduced by an amount equal to the total standard deduction multiplied by the following fraction:
A. For single individuals and married persons filing separate returns, the numerator is the taxpayer's Maine adjusted gross income less $80,000, except that the numerator may not be less than zero, and the denominator is $75,000. In no case may the fraction calculated pursuant to this paragraph produce a result that is more than one. The $80,000 amount used to calculate the numerator in this paragraph must be adjusted for inflation in accordance with section 5403, subsection 4; [PL 2017, c. 474, Pt. B, §2 (NEW).]
B. For individuals filing as heads of households, the numerator is the taxpayer's Maine adjusted gross income less $120,000, except that the numerator may not be less than zero, and the denominator is $112,500. In no case may the fraction calculated pursuant to this paragraph produce a result that is more than one. The $120,000 amount used to calculate the numerator in this paragraph must be adjusted for inflation in accordance with section 5403, subsection 4; or [PL 2017, c. 474, Pt. B, §2 (NEW).]
C. For individuals filing married joint returns or surviving spouses permitted to file a joint return, the numerator is the taxpayer's Maine adjusted gross income less $160,000, except that the numerator may not be less than zero, and the denominator is $150,000. In no case may the fraction calculated pursuant to this paragraph produce a result that is more than one. The $160,000 amount used to calculate the numerator in this paragraph must be adjusted for inflation in accordance with section 5403, subsection 4. [PL 2017, c. 474, Pt. B, §2 (NEW).]
PL 2017, c. 474, Pt. B, §2 (NEW).