| | | Constitutional amendment. Resolved: Two thirds of each branch of the | | Legislature concurring, that the following amendment to the | | Constitution of Maine be proposed: |
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| | | Constitution, Art. IX, §24 is enacted to read: |
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| | | Section 24.__Income tax rate reduction.__Taxes on personal | | income in this State may not exceed the following. |
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| | | 1.__Maximum rates.__Maximum income tax rates on individuals | | may not exceed the following amounts. |
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| | | A.__For income tax years beginning in 2006, the maximum rate | | of tax is 7.5%. |
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| | | B.__For income tax years beginning in 2007, the maximum rate | | of tax is 6.5%. |
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| | | C.__For income tax years beginning in 2008, the maximum rate | | of tax is 5.5%. |
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| | | D.__For income tax years beginning in 2009, the maximum rate | | of tax is 4.5%. |
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| | | E.__For income tax years beginning in 2010, the maximum rate | | of tax is 3.5%. |
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| | | 2.__Exemption amounts.__In addition to any other exemptions | | and deductions permitted by law, individuals filing married joint | | income tax returns are entitled to the following exemptions.__ | | Persons filing as single taxpayers are entitled to exemptions | | equal to 50% of the following amounts.__Persons filing as heads | | of household are entitled to exemptions equal to 75% of the | | following amounts. |
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| | | A.__For income tax years beginning in 2006, the exemption | | amount is $4,000. |
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| | | B.__For income tax years beginning in 2007, the exemption | | amount is $8,000. |
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| | | C.__For income tax years beginning in 2008, the exemption | | amount is $12,000. |
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| | | D.__For income tax years beginning in 2009, the exemption | | amount is $16,000. |
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| | | E.__For income tax years beginning in 2010, the exemption | | amount is $20,000. |
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