Albert E. Bergen, CPA

Maine

Maine Property Tax Fairness Credit

Photo of 384 Court Street Auburn, ME 04210

Maine income tax returns saw a number of changes for the 2013 tax year, including a major revision to the state’s property tax refund program.  In the past, taxpayers needed to file for the property tax and rent “circuitbreaker” relief on a separate application from their income tax return.  For 2013 and later years, that…
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Improved Maine 529 Plan Incentives

Qualified tuition plans, more commonly known as 529 plans, offer parents and other relatives a tax-advantage way to save money for college.   Taxpayers can fund a 529 plan only with after tax dollars, but the money in the plan grows tax-free, and can be withdrawn tax-free if used for qualifying educational expenses.  There’s a…
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Pine Tree Development Zone Income Tax Credit

Pine Tree State

Businesses that have been approved for Pine Tree Development Zone (PTDZ) status by the Maine Department of Economic and Community Development are eligible for an income tax credit designed to eliminate their Maine income tax on the additional activity that results from expanding their operations in qualifying industries in Maine.  This can be an extremely…
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Pine Tree Development Zones

Pine Cones

Maine Pine Tree Development Zones were originally select regions of the state where businesses who opened or expanded and added quality jobs were able receive special tax benefits.  The program has since been expanded to apply throughout Maine, although there are still two tiers of Pine Tree Development Zone.  The benefits are available for five…
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Maine’s Educational Opportunity Tax Credit

The Educational Opportunity Tax Credit (technically the Job Creation through Educational Opportunity Program) is a Maine state income tax credit that offsets the principle and interest  portions of student loan payments made by qualifying borrowers.  Depending on the student’s debt load, the credit may be worth up to $5,900 per year for up to 10…
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