The Maine Legislature unanimously passed a bill to more than double the earned income tax credit and expand eligibility to 18- to 24-year-olds without children. In a press release, the Maine Center for Economic Policy (MECEP) said the measure also closes a tax loophole “that provides disproportionately large benefits to businesses with out-of-state income.
“This vote is a huge win for low-income Mainers, who work hard but are held back by income inequality and the rising cost of living. Expanding Maine’s Earned Income Tax Credit will put more money in their pockets so they can make ends meet,” said Sarah Austin, an MECEP policy analyst. “This bill will more than double the EITC, increasing the incomes of roughly 100,000 households. What’s more, it pays for itself by closing a tax loophole that gives multi-state businesses an unfair advantage over Maine-based companies.”