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The 130th Maine Legislature enacted structural tax reforms that will help pensioners, retirees and seniors.
In 2022, the existing state pension deduction amount is increased from $10,000 to $25,000. It then increases to $30,000 in 2023, and to $35,000 in 2024 and beyond. This change will provide substantial ongoing tax relief to 80,000 retirees, many of whom may stay in Maine instead of moving to a more tax friendly state.
Another new state program allows eligible senior citizens (65+) to stabilize, or freeze, the property taxes on their homestead. Each year, individuals who apply to their municipality by Dec. 1 will have the property tax billed to their homestead frozen at the amount billed in the prior tax year. Municipalities are reimbursed by the state for any lost revenue from the tax freeze.
As a member of the Appropriations Committee, I am pleased to be on a team of negotiators that were able to include these and other important changes in the state budget. We returned over $850 Million in overpayments Maine taxpayers! I am hopeful that the 131st Legislature will be more understanding of the burden on taxpayers and make tax changes that will allow all Mainers to keep more of what they earn.
Sincerely,
Rep. John “Jack” Ducharme (R-Madison)
Political Announcement paid for by Ducharme for District 71
