Maine's Millionaire Tax and Affordability Payments
A new Maine law was signed on April 10.
On one hand, the wealthy will pay more due to a new millionaire tax. Others in Maine may see $300 in their pockets
MILLIONAIRE TAX
Retroactive to January 1, 2026, Maine has a new millionaire tax levies a 2 percent income tax surcharge on income over $1 million ($1.5 million for joint filers and heads of households or $750,000 MFS)
AFFORDABILITY PAYMENTS
As part of the new law Maine is also passing out affordability payments of $300:
"Eligible recipient" means an individual who:
(1) Filed, by October 15, 2026, a Maine income tax return as a full-year resident
(2) Had, and reported to the Department of Administrative and Financial Services, Maine Revenue Services by October 15, 2026 on an income tax return, federal adjusted gross income for the tax year of less than:
(a) For individuals filing married joint returns or surviving spouses permitted to file a joint return, $100,000;
(b) For an individual filing as a head of household, $75,000;
(c) For a single individual, $50,000; or
(d) For a married individual filing a separate return, $50,000; and
(3) May not be claimed as a dependent on another taxpayer's return