Maine Taxpayers Save $233 Million Under Federal Tax Conformity Law: Jonathan A. Block Quoted in Bloomberg Law
Maine’s House and Senate recently passed Public Law 474, to conform Maine to the federal tax code and provide tax relief to Maine families. Pierce Atwood State & Local Tax partner Jon Block noted that the new law is “welcome news for businesses." Besides the substantive benefits from conformity, businesses won’t need to keep two sets of tax records for Maine income tax purposes.”
According to the article, if Maine had not passed this law to conform to the federal tax code, taxpayers would have likely been required to file amended 2017 returns, and businesses would have had to keep two sets of books.
The complete article appeared in the September 12, 2018 edition of Bloomberg Law.