Some Maine lawmakers are proposing plans that could change your income tax rate.

According to CBS 13, State Representative John Andrews, a libertarian from Paris, is proposing a flat 5% rate for individual income taxes. He says it would help business owners, especially those who have felt the economic impact of the pandemic.

Meanwhile, Democratic Representative Josh Perry of Bangor says his bill would create a new income tax rate of 7.95% starting January of next year. It would be for earned income over $300,000 for single individuals and $600,000 for married couples filing jointly. Perry says that while it is an increase, it would also boost the homestead exemption value for many homeowners.

Next week, the Tax Committee will take a vote on the proposals to determine if they’ll head to the full legislature.