An Act To Exempt Long-term Capital Gains from Income Tax for Certain Income Levels
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 36 MRSA §5122, sub-§2, ¶QQ is enacted to read:
QQ. For taxable years beginning on or after January 1, 2020, for individuals filing married joint returns with federal adjusted gross income of $300,000 or less and for all other individuals with federal adjusted gross income of $150,000 or less, net long-term capital gains that are attributable to securities held for 10 years or longer and that are included in federal adjusted gross income.
This bill exempts from Maine income tax net capital gains on the sale of securities held for 10 years or longer and that are subject to federal income tax for individuals with federal adjusted gross income of $300,000 or less if filing married joint returns and $150,000 or less for all other individuals.