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Taxes

state income tax

Most states levy an income tax on their residents that is in addition to the federal income tax. Laws vary from state to state but in most states the state income tax is a tax on the annual earnings of individuals, corporations, trusts, limited liability companies, and other legal entities.

There are nine states that do not have a state income tax—including Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. But New Hampshire levies a tax on capital gains and Washington state recently enacted a tax on extraordinary profits from the sale of financial assets over $250,000.

In Maine, as in most states, residents are subject to state income tax in addition to federal income tax. Maine's income tax system is progressive, with rates that range depending on the level of income. This means that higher income levels are taxed at higher rates. The state taxes the annual earnings of individuals, corporations, trusts, limited liability companies, and other legal entities. Maine does not fall into the category of states without an income tax; it actively levies a tax on income, and residents must comply with state tax laws and regulations. Taxpayers in Maine are required to file state tax returns by the same deadline as federal tax returns, typically April 15th of each year, unless an extension is granted.

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Taxes

state income tax

As a LegalFix Member You Will Be an Important Client of Local Law Firms

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Maine State Code

Maine State Code

Taxes

state income tax

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