AUGUSTA, Maine (AP) Republican Gov. Paul LePage said some Maine taxpayers may have to amend their 2017 tax returns if state lawmakers fail to return to make changes to ensure the state’s income tax code conforms with the federal tax overhaul.
LePage on Thursday blamed Democrats for not supporting a tax conformity bill that was left in limbo when the Legislature adjourned last month.
The Portland Press Herald reports that the new federal tax code made the bonus depreciation and medical expense deductions retroactive to the 2017 tax year. Another provision of the federal code generates new revenue from multinational corporations that are repatriating foreign income to the U.S
If Maine doesn’t conform, then the state risks losing its share of that new revenue from repatriated income, estimated at $31 million.
