February 26, 2024

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Janet Mills seems to be to reverse strategy to tax federal organization loans as cash flow

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AUGUSTA, Maine — Gov. Janet Mills directed her administration to find $100 million in federal cash to forgive condition taxes on coronavirus aid resources to firms in a Wednesday reversal of a finances strategy that prompted an outcry from Republicans and company groups.

It came two times just after the Democratic governor put ahead a tax conformity proposal that would need Maine compact organizations to declare loans obtained through the federal Paycheck Defense program as earnings for state tax applications but would make it possible for them to deduct critical costs. The federal governing administration moved last month to exempt the loans from taxes.

Kirsten Figueroa, the state’s budget commissioner, stated granting the exact same profit to organizations would price tag $100 million this calendar year, a sum that Maine could not very easily manage absent immediate congressional help to the states. The package deal proposed by the administration would instead move through only a sliver of the federal tax breaks, costing $11 million by way of mid-2023.

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