2023 Maine Revised Statutes › TITLE 36: TAXATION › Part 8: INCOME TAXES › Chapter 805: COMPUTATION OF TAXABLE INCOME OF RESIDENT INDIVIDUALS › 36 §5124-C. Standard deduction; resident on or after January 1, 2018

§5124-C. Standard deduction; resident on or after January 1, 2018
1.  Amount; before January 1, 2020.
For tax years beginning on or after January 1, 2018 and before January 1, 2020, 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 2019, c. 616, Pt. X, §2 (AMD).]
1-A.  Amount; before January 1, 2026.
For tax years beginning on or after January 1, 2020 and before January 1, 2026, the standard deduction of a resident individual is equal to the federal standard deduction, subject to the phase-out under subsection 2.
[PL 2023, c. 412, Pt. ZZZ, §4 (AMD).]
1-B.  Amount; on or after January 1, 2026.
For tax years beginning on or after January 1, 2026, the standard deduction of a resident individual is equal to the sum of the basic standard deduction and the additional standard deduction, subject to the phase-out under subsection 2.
A. The basic standard deduction is:
(1) For single individuals and married persons filing separate returns, $12,000;
(2) For individuals filing as heads of households, the amount allowed under subparagraph (1) multiplied by 1.5; and
(3) For individuals filing married joint returns or surviving spouses, the amount allowed under subparagraph (1) multiplied by 2.   [PL 2023, c. 412, Pt. ZZZ, §5 (NEW).]
B. The additional standard deduction is the amount allowed under the Code, Section 63(c)(3).   [PL 2023, c. 412, Pt. ZZZ, §5 (NEW).]
[PL 2023, c. 412, Pt. ZZZ, §5 (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).]
SECTION HISTORY
PL 2017, c. 474, Pt. B, §2 (NEW). PL 2019, c. 616, Pt. X, §§2, 3 (AMD). PL 2023, c. 412, Pt. ZZZ, §§4, 5 (AMD).