Section 5124-C - Standard deduction; resident on or after January 1, 20181.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. [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. [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. [2023, c. 412, Pt. ZZZ, §5(NEW).]B. The additional standard deduction is the amount allowed under the Code, Section 63(c)(3). [2023, c. 412, Pt. ZZZ, §5(NEW).] [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; [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 [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. [2017, c. 474, Pt. B, §2(NEW).] [2017, c. 474, Pt. B, §2(NEW).]
Amended by 2023SP1, c. 412,§ ZZZ-5, eff. 10/25/2023.Amended by 2023SP1, c. 412,§ ZZZ-4, eff. 10/25/2023.Amended by 2020, c. 616,§ X-3, eff. 3/18/2020.Amended by 2020, c. 616,§ X-2, eff. 3/18/2020.Added by 2018SP2, c. 474,§ B-2, eff. 9/12/2018.